What are the best equity mutual funds for a 3 lakh investment for a 7-year period?

For a good selection of long term funds that help you build wealth, go for large cap equity or multicap funds. These funds will invest in good quality companies and invest with a degree of flexibility. A small cap only portfolio may be caught on a wrong market cycle when your investment horizon ends, and hence is not recommended.

Here is one list of Best Portfolio of Funds for Long Term Growth.