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Academic Guidance

Student ICSI

Academic Connect

Hindi Books relevant

for CS Course

Curriculum

Student Services

Examination

News from Region

CS FOUNDATION COURSE (e-bulletin for Foundation Programme Students)

Dear Students,

The New Year stands before us, like a chapter in a book, waiting to be written and only we can help to write this story at its best with our setting goals. Friends, with the beginning of this year, when we are armoured in furthering the success of our goals, we should not forget to rejoice the brilliant milestones, we have achieved in last year.

The preceding year has been historic for the nation as well as for the Institute while registering the premier parameters of growth and development at global fora. At national level, we have witnessed the initiation of vision New India, 2022, Goods and Services Tax, remarkable appreciation in the Ease of Doing Business Index and numerous practices of settling good governance in the country.

Proudly, in shoulder to shoulder association with the government, the Institute also dedicated various initiatives towards Nation Building through Good Governance. To name a few are celebration of the inauguration of ICSI Golden Jubilee Year, Establishment of ICSI Study Centres in Far Flung Areas, Shaheed Ki Beti initiative, Application of GST in our Course Module, Publications on Emerging Trends like Corporate Anti-bribery Code, Code on Charity Governance, Model Governance Code for Meetings of Gram Panchayats, Revised Secretarial Standards (SS-1 and SS-2), Secretarial Standard (SS-3), MoU with NSDC to impart training for GST Accounts Assistants so on and so forth.

Along with this, the International boundaries of our accomplishment were also touched well when the Malaysian Association of Company Secretaries had expressed its desire to adopt the Secretarial Standards rolled out by ICSI as benchmark to develop their own which was duly approved by the Ministry of Corporate Affairs. Apart from this the link of ICSIs website along with logo has been placed at the official website of High Commission of India at Kenya and at Malaysia respectively in order to assist persons/companies overseas with the guidance and facilitation on setting-up business in India.

And while this is just a chapter of our accomplishment, a detailed book of our name fame and dedicated service to the nation is impending.

Friends, with celebrated milestones; the year 2017 has been Golden in the history of the Institute and I am sure that the legacy would be carried forward with the precision and hard work of all the stakeholders of the Institute.

Last but not the least, along with my best wishes for the New Year, I would say,

, ; , !!

Wishing you the Best for all your future endeavours !!!

Lkh ,l MkW- ';ke vxzoky

v/;{k] Hkkjrh; daiuh lfpo laLFkku

e-bulletin 2 January 2018

Academic Guidance

BUSINESS ETHICS* Theres no way to succeed in business without the highest ethical standards

Jordon Belfort

Business ethics is a wider term that includes many other sub ethics that are relevant to the respective field. For example, there are marketing ethics for marketing, ethics in HR for Human resource department and the like. Business ethics in itself is a part of applied ethics; the latter takes care of ethical questions in the technical, social, legal and business ethics. Business ethics is the study of proper business policies and practices regarding issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities. Law often guides business ethics, while other times business ethics provide a basic framework that businesses may choose to follow to gain public acceptance. Nowadays business ethics determines the fundamental purpose of existence of a company in many organisations. There is an ensuing battle between various groups, for example between those who consider profit or shareholder wealth maximisation as the main aim of the company and those who consider value creation as main purpose of the organisation. FEATURES OF BUSINESS ETHICS

The characteristics or features of business ethics are:-

* CS Sunaina Bhardwaj, Consultant ICSI.

The views expressed are personal views of the author and do not necessarily reflect those of the Institute.

Feat

ure

s o

f B

usi

nes

s E

thic

s

Code of conduct

Based on moral and social

values

Gives protection to social groups

Provides basic framework

Voluntary

Requires education and guidance

Relative Term

New concept

e-bulletin 3 January 2018

1. Code of conduct: Business ethics is a code of conduct. It tells what to do and what not to do for the welfare of the society. All businessmen must follow this code of conduct.

2. Based on moral and social values: Business ethics is based on moral and social values. It contains moral and social principles (rules) for doing business. This includes self-control, consumer protection and welfare, service to society, fair treatment to social groups, not to exploit others, etc.

3. Gives protection to social groups: Business ethics give protection to different social groups such as consumers, employees, small businessmen, government, shareholders, creditors, etc.

4. Provides basic framework: Business ethics provide a basic framework for doing business. It gives the social cultural, economic, legal and other limits of business. Business must be conducted within these limits.

5. Voluntary: Business ethics must be voluntary. The businessmen must accept business ethics on their own. Business ethics must be like self-discipline. It must not be enforced by law.

6. Requires education and guidance: Businessmen must be given proper education and guidance before introducing business ethics. The businessmen must be motivated to use business ethics. They must be informed about the advantages of using business ethics. Trade Associations and Chambers of Commerce must also play an active role in this matter.

7. Relative Term: Business ethics is a relative term. That is, it changes from one business to another. It also changes from one country to another. What is considered as good in one country may be taboo in another country.

8. New concept: Business ethics is a newer concept. It is strictly followed only in developed countries. It is not followed properly in poor and developing countries.

PRINCIPLES OF BUSINESS ETHICS

Business ethics principles are the code of conduct for organisation. It describes the organisation to how organisation should perform their functions for societys welfare. These principles are allied to consumers, employees, investors, local community and the society as a whole.

Avoid exploitation of consumers: Don't cheat and exploit consumers by using bad business practices such as artificial price rise and adulteration.

Avoid Profiteering Unethical business activities such as hoarding, black-marketing, selling banned or harmful goods to earn exorbitant profits must be avoided.

Encourage Healthy Competition A healthy competitive atmosphere that offers certain benefits to the consumers must be encouraged.

Pay Taxes Regularly Taxes and other duties to the government must be honestly and regularly paid.

Get the Accounts Audited Proper business records, accounts must be managed. All authorized persons and authorities should have access to these details.

Keep the Investors Informed The shareholders and investors must know about the financial and other important decisions of the company.

Avoid Injustice and Discrimination Avoid all types of injustice and partiality to employees. Discrimination based on gender, race, religion, language, nationality, etc. should be avoided.

e-bulletin 4 January 2018

Discourage Secret Agreement Making secret agreements with other business people to influence production, distribution, pricing etc. are unethical.

Satisfy Consumers Wants Satisfy the wants of the consumers as the main objective of the business is to satisfy the consumers wants. All business operations must have this aim.

Service Motive Service and consumer's satisfaction should get more attention than profit-maximization.

Optimum Utilization of Resources Ensure optimum utilization of resources to remove poverty and to increase the standard of living of people.

Intentions of Business Use permitted legal and fair means to do business. Avoid Illegal, unscrupulous and evil means.

Follow Woodrow Wilson's rules There are four important principles of business ethics. These four rules are as follows

Rule of publicity According to this principle, the business must tell the people clearly, what it tends to do.

Rule of equivalent price The customer should get proper value for their money. Below standard, outdated and inferior goods should not be sold at high pr