Financial markets are constantly becoming more efficient by providing more promising solutions to the investors. Being a part of financial markets although Mutual Fund (MF) industry is responding very fast by understanding the dynamics of investor's perception towards risk and rewards, still they are continuously following this race in their endeavor to differentiate their products responding to sudden changes in the economy. Thus, it is high time to understand and analyze investor's perception and expectations, and unveil some extremely valuable information to support financial decision making of mutual funds. Financial markets are becoming more exhaustive with financial products seeking new innovations and to some extent innovations are also visible in designing mutual fund portfolio, but these changes need alignment in accordance with investor's expectations. Thus, it has become imperative to study MFs from a different angle, i.e to focus on investor's expectations and uncover the unidentified parameters that account for their dissatisfaction. The study proposes to identify the investor's perceptions towards risk and return and critical gaps in the existing framework for mutual fund services and also to study the investor's perceptions towards risk volatility involved in mutual funds.