You may have some points, but the fact is that most of the major mutual funds in India have some schemes which have done much better than the Sensex or Nifty. There is enough data available on the internet if you want to check it. Your statement about most funds doing worse than indices is probably true for the US but not India. Finally, most Indian investors who invest in shares would probably get better results if they invested in carefully selected mutual funds. If you want to earn out of direct investment in shares you need to treat it as a full time job, which not everyone can do.
