This paper empirically examines the Fama-French three-factor model for the Indian stock market. In this study, the Fama French Model have been examined by taking a sample of top 96 companies on basis of market capitalization in BSE for a study period of five years, ranging from Nov, 2012 to Nov, 2017. In order to validate the results, the sample selection was made on the basis of continuous presence in S&P BSE 500 index for at least five years without fail. The study showed that market betas do not explain expected returns which are inconsistent with CAPM. The study observes a significant and zero intercept viz; portfolio returns are not being explained by factors outside of SMB and LMH. The size (SMB)-and value (LMH)-factors as surrogates for non-market-specific risk should have positive... returns and negative returns respectively as per Fama and French. However, three portfolios S/L, B/M, B/H have significant negative SMB betas. Similarly S/M, S/H, B/M, B/H have significant positive LMH betas. These results do not support Fama and French model findings.