As mkt place for shares is a Stock Exchange(i.e.NSE) and the one for Mutual Fund's(MF) is?Is NSE deal in MF's?

or In other words one should say the wholesale Market for mutual fund is? where these are sold and bought ultimately?

You cannot sell mutual fund units in a market like shares. You can redeem your MF units at NAV by surrendering your units to the mutual funds themselves or their transfer agents.

i have no idea

nse does not deal in mututal funds. for investing in mutual fund u have to contact mutual fund distributors ( agents ) or the mutual fund companies directly.
NSE AND BSE are platforms for trading in companies shares and not MFs

u can purchase shares through brokerage firms ONLY like karvy, motilal oswal, hdfcbank, utibank etc.

in bank u can start three in one account( trading, Dmat, savings account) for this
You need the following documents:
- Residence proof
-ID proof
-PAN Card.

better have two trading account (two places) (and one Dmat only) you can get recommendations from both brkers.

mutual fund: companies investing on behalf of people.

since you are new to investment visit http://www.vbulls.com for educationg yourself on investment

There is no stock market for Mutual Fund Schemes.

Because Asset Manangement Cos (commonly referred as Mutual Fund Houses) themselves buy back the scheme if an Investor wants to redeem.

The Units will be repurchased by the AMC at applicalbe exit load (if any).

A few years back there used to be few schemes which were listed on the stock exchange (BSE), but the result was that people who bid for buying wanted to buy at a much lower discount to the prevailing NAV.

Since then, it has been market practice for AMCs to offer most of the schemes as Open Ended Schemes (these schemes can be given for repurchase any time after alotment)

Hence, there is practicallyno need for a stock market