Bachelor of Management Studies (B.M.S.) Investment Ethos Syllabus - Mumbai University
This is the TY BMS syllabus under NEP 2020, in force from the academic year 2026-27, examined under form 2225161. The University still sets the earlier Choice Based papers alongside it — forms 2M00155 and 2M00156, whose documents are below — so check which scheme your exam form names before you revise.
Loading syllabus...
Syllabus for Investment Ethos
Module I: The Ethical Framework of Modern Markets
- Foundations of Financial Ethics: Comparison of Utilitarianism (greatest good) vs.
- Deontology (duty-based ethics) in investment, The CFA Institute Code of Ethics and Standards of Professional Conduct.
- Conflicts of Interest & Fiduciary Duty: Managing the Principal-Agent problem, Ensuring the client's interest precedes the manager's, Ethics in Algorithmic Trading, Bias in AI-driven wealth management tools.
- Market Integrity: Identifying and preventing Insider Trading, Pump-and-Dump schemes, and Market Manipulation, The "Whistleblower" Culture, Protection mechanisms and the cost of silence.
- Behavioural Ethics: Psychological biases (Overconfidence, Loss Aversion) that lead to unethical financial decisions.
Module II: Sustainable Finance & Impact Investing
- The Rise of ESG Investing: Environmental: Climate risk and carbon foot-printing, Social: Human rights, labour standards, and community impact, Governance: Executive compensation, board diversity, and shareholder rights.
- Impact & Values-Based Investing: The Spectrum of Capital, From Philanthropy to Venture Philanthropy to Impact Investing, Greenwashing: Analyzing the ethical risks of misleading "green" claims in financial products.
- IKS (Indian Knowledge Systems) & Wealth Ethics: The concept of Artha (wealth) balanced with Dharma (righteousness), Ethical lessons from indigenous systems: Comparing 18th-century "Pat" (Honor) to modern Credit Ratings.
- Global Regulatory Landscape: SEBI’s BRSR (Business Responsibility and Sustainability Reporting) framework in India, Global standards: ISSB (International Sustainability Standards Board) and the Paris Agreement goals.
Reference Books
- Boatright, J. R., & Smith, J. D. (2021). Ethics and the conduct of business (9th ed.). Pearson.
- CFA Institute. (2024). Code of ethics and standards of professional conduct.
- Securities and Exchange Board of India (SEBI). (2021). Business responsibility and sustainability reporting (BRSR) by listed entities.
- Tripathi, S. (2022). Artha and Dharma: The dual pillars of ancient Indian economic thought and their modern relevance. Journal of Indian Business Ethics, 14(2), 45–62.
- International Sustainability Standards Board (ISSB). (2023). IFRS S1 General requirements for disclosure of sustainability-related financial information. IFRS Foundation.
- World Economic Forum. (2025). The future of AI in wealth management: Ethical considerations and bias mitigation.
- United Nations Environment Programme (UNEP). (2024). The Paris Agreement and the role of global finance.
Reproduced from the University of Mumbai syllabus for Bachelor of Management Studies (B.M.S.) under NEP 2020, in force from the academic year 2026-27. Wording is as printed in that syllabus. Module numbering is as printed there too.
The complete syllabus
This subject is cut from the University circular for its year. Open a document here if you want the whole thing rather than a single subject.