Where should I invest Rs 40,000 via monthly SIP?

I want to start an SIP of around Rs 40,000 per month for a period of three to five years (whichever is more profitable). Please suggest me good mutual funds to invest and to start my SIP.
--Bharat Aggarwal

Deepali Sen, Founder, Srujan Financial Advisers, responds:

I am assuming that you want to invest in diversified equity funds via SIPs. It would be sensible to invest in these funds for more than seven years. Three to five years is a relatively shorter period, thus shall expose your investments to higher risk. Please mention your goals and risk appetite for better advice.