i wanted to buy a 12 channel mixer ,which i can use for live performances as well as home studio recording and must have effects.

Kind of partial to this one's feature set and price...
http://www.zzounds.com/item--YAMMG124CX

Or is this too barebones for you?

I have one of those Yamahas. It is excellent.
I also have a 12-channel Peavey I like a lot.
The Yamaha has Compression also.
They are both quite enough for recording.
The Peavey has USB outputs also.
DonM

Also the Alesis Multimix (the USB series):

I think Alesis discontinued not long ago the 12 Ch mixers, to bad, the USB mixers also allow you to record into a Computer.
The affordable Behringers
http://www.zzounds.com/item--BEHXENYX1202FX


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mdorantes

I sell Mackie and Yamaha

I would go Yamaha for bang for the buck, but if you want top notch, go for the new Mackie Onyx boards, the pre's are virtually transparent, but it will cost ya



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www.AudioworksCT.com

Something else to consider would be a Allen & Heath ZED12fx. http://www.allen-heath.co.uk/zed/zed-12FX.asp

You should really state what your budget is.

In my opinion it is better to buy just a mixer w/o FX, because the built-in units usually offer poor editing. Decent FX units can be found really cheap, but offer much better quality FX with more adjustable settings.

http://www.rolandus.com/products/productdetails.php?ProductId=860&ParentId=114

Here is another great choice with super features.

Main thing about those Yamaha's is the built-in compressors. Nothing better than having separate compressors on the mike channels, just to tame the dynamics a bit. Your arranger probably doesn't need it, but it helps the vocals no end...

Plus, on the whole, Yamaha's effects are usually very good. Never did like the reverb on those cheap Mackie's...

"Exclusive Room Acoustic Control automatically tunes speakers for optimal sound"
this feature alone is worth the price.