Should I invest Rs 6 lakh in a lumpsum or via STP?

I need some advise regarding making a lumpsum investment of Rs 5-6 lakh in a mutual fund scheme. I have done some research online and found that Systematic Transfer Plan (STP) can be used to evenly distribute the money in an equity scheme. Currently, I am investing Rs 5,000 via SIP. I have been investing Rs 1,000 to Rs 1,500 per month in Franklin India Prima Fund, DSPBR Micro Cap Fund (name changed to DSPBR Small Cap Fund), HDFC Top 200 Fund, and Tata Balanced Fund for the past two years. Should I invest this amount in these existing schemes over a period of time or opt for some new ones. Also, request your help for selecting the schemes which will generate maximum returns. I am ready to take some
risk. My goal is to double the amount invested, and my investment horizon is three years.
Kumar K

Puneet Oberoi, Founder, Excellent Investment Advisors, responds:

Regarding the query of lumpsum investment, nobody can predict the market's performance in short term, but we definitely know that the future is really good. So to dilute the risk of investing lumpsum right now, one can diversify risk by investing via STP.
To answer your second question, keep investing in the existing funds if your horizon is long term (more than 5 years). But don’t expect high returns or doubling of returns in three years. Equity investments work on the principal of compounding. You need to give them time to grow.

Now, for new investments you can opt for any of these funds if the horizon is five years plus:
1. Motilal Oswal Most-Focused 35 Fund
2. TATA Equity P/E Fund
3. L&T Emerging Bussinesses Fund