The objective of this study is to develop a model of capital market functioning based on changes in investors’ behavioral patterns and digital transformation.This research is applied and exploratory in terms of purpose and qualitative in terms of methodology.The statistical population of the study consists of 17 financial experts from the Tehran Stock Exchange, who were selected using purposeful sampling.Data were collected through semi-structured interviews.For data analysis, Fuzzy Delphi and Interpretive Structural Modeling (ISM) methods were employed, and the MICMAC software was used.The results indicate that five main components and nineteen sub-dimensions were identified across four levels.The capital market functioning component is positioned at the first level of the ISM graph and represents the most dependent and most influenced component of the model.At the second level, the change in investors’ behavioral patterns component is located, which influences the first-level component and is itself influenced by the lower-level components.At the third level, the components of qualitative and content-related disclosure characteristics and formal and process-oriented disclosure characteristics are positioned; these components affect the higher-level components and are influenced by the lower-level component.At the fourth (final) level, the digital transformation component is located, which is the most influential and dominant component of the model. This component affects all other components of the model.