Financial markets are continually improving their efficiency by offering investors more attractive solutions. Even though the mutual fund industry, which is a part of the financial markets, is able to react quickly by understanding how investors perceive rewards, they are still in a constant raceto differentiate their products in response to unexpected changes in the economy. As a result, it isimperative to comprehend and examine investor perceptions and expectations in order to provide some incredibly valuable information to assist mutual fund investment decisions. Financialmarkets are becoming more competitive as financial products look for new innovations. To someextent, innovations can be seen in the design of mutual funds portfolios, but these changes must be aligned with investor expectations. As a result, it is essential to examine mutual funds from a new perspective, i.e., to concentrate on investor expectations and identify the underlying factors that contribute to their unhappiness. The current study aims to pinpoint crucial holes in the mutual fund industry's structure and expand it to comprehend the requirement for rebuilding current mutual fund services.