Best mutual funds to invest a lumpsum of Rs 10 lakh

I have a lumpsum amount of Rs 10 lakh. I would like to start an STP after parking the amount in a liquid fund. My main motto is wealth generation by investing for the long term (10 years). Which are the best funds for this purpose?
--- Chandu Chiri

Joydeep Sen, Corporate trainer and author, based out of Mumbai responds:

There are two kinds of funds here, the source fund (Liquid, etc) and the target fund(s). Since you have a horizon of more than 10 years, I suggest 90% (Rs 9 lakh) in two index-based fund of funds (FoFs). These FoFs invest in ETFs as per the weightage derived from the market cap or average of industry fund managers’ allocation. The names are Mirae Asset Equity Allocator Fund of Fund and Nippon Passive Flexicap FoF. Allocate the remaining 10% i.e. Rs 1 lakh to Gold FoFs.