Abstract: Investor behaviour is a significant area in research studies. Before evaluating any type of investment avenue and its prospects, one needs to take into account the behaviour of a rational investor. It has been highlighted in many studies taken up in the past that investor behaviour plays a significant role in their decision making process when it comes to making an investment. The success and popularity of any investment avenue depends upon the degree of effectiveness achieved in meeting the expectations of the investors. The present study focuses on the understanding the expectations of the investors and their preferences when it comes to making an investment. The study also focuses on finding out the awareness level as well as identifying the factors that influences an investor to make an investment in mutual funds. The survey has been conducted on female investors of Howrah through a pres-structured questionnaire.