I started taking interest in mutual funds a few months back. While I found bits and pieces of information related to indian mutual funds on many websites, I found valueresearchonline.com as the most useful web-site for researching indian mutual funds. In US, there are several sites (such as morningstar.com) that provide detailed information related to mutual funds and rank the mutual funds based on their performance. However most of US websites provide this information for a fee.
THis site does the same for indian mutual funds but without charging any money. The site lists probably all the mutuals funds available in india and you can find schemes based on type (open/closed ended, equity/debt/hybrid) or AMC (all the AMC are listed on the site). The site gives detailed info related to each fund, NAV, past performance, ratings, portfolio information, and investement style of different funds.
One of the best things about this fund is that it rates funds only when sufficient past information is present, so you won’t find ratings for new funds. The site also has a portfolio management tool, using which one can track the value of his mutual fund portfolio on a day-to-day basis. The section on learning (though not very frequently updated) is useful for newbies.
One can also track performance of specific funds by customising the front page. Membership is free and the weekly newsletters are useful.