Edited transcript: The benchmark is an afterthought. The whole mutual fund industry came up and then the regulator made it mandatory for all funds to have a benchmark. So, a lot of benchmarks got created because there were funds which couldn't find appropriate benchmarks.
I would say that benchmark should be an investor's mind. One basic benchmark is that funds should beat inflation. Then, equity funds should beat a broad benchmark like Sensex or Nifty.
But how do you compare your SIP investments with these benchmarks? You can use the SIP Returns tool on our homepage to find out. You just have to look at the SIP returns of the fund of your choice and compare that with the SIP returns of an appropriate index fund.