A talented right-handed batsman, the 39-year-old, who started his domestic career with Mumbai in 1993-94 season, scored 11,167 runs from 171 matches at an average of 48.13, including 30 centuries.
Scoring 9,000 runs in Ranji cricket, Muzumdar represented Mumbai with distinction for several seasons before switching sides to Andhra and then Assam, the BCCI said in a release.
He impressed on his first-class debut for Mumbai, where he made an unbeaten 260 in a Ranji pre-quarterfinal against Haryana and was promptly hailed the next big thing from the Bombay school of batsmanship.
In 1994, he was made vice-captain of India Under-19 and also played alongside Sourav Ganguly and Rahul Dravid for India A.
However, despite making runs steadily in domestic cricket, Muzumdar never made it to the national side.
BCCI honorary secretary Sanjay Patel wished Muzumdar all the best for the future.