CRSIL uses best global practices to rank mutual funds. CRISIL Mutual Fund Ranking (CMFR) is available on their website under the tab ‘Mutual Fund Ranking’. They rank equity, debt and hybrid mutual funds. There is a separate ranking for both direct and regular funds. Also, CRISIL rates only open ended mutual funds. The ranking is on a scale of 1 to 5. With one indicating very good performance.