Business Ethics is now the word of the day. It is the application of the principles of ethics in the area of business and commerce. The functional areas of business management are concerned with the practical application of management principles in different fields of day to day business activities, including marketing, advertising, human resource management, accounting, production & operation management, information technology and so on. In all these areas the manager encounters ethical dilemmas and has to confront many type of unethical practices. The general ethical principles that these areas are supposed to apply include justice & fairness in all dealing. An organisation without any ethical culture is like a ship without rudder. Such an organisation cannot be successful in the long run even though it may earn a hunk of money. In recent years, the failure of most of the well established companies did not occur due to lack of salesmanship, goodwill or strategic planning but mostly because of lack of ethical terra firma. Highly educated, successful business savvy corporate professionals at Enron, Tyco, WorldCom and Satyam got themselves into a big mess mainly because of profound lack of ethics. Therefore the success of any organisation largely depends on the ethical code of conduct. This paper describes the scope and importance of business ethics. The paper also highlights, what code of conduct must be followed to excel in the market with special reference to India’s most ethical companies WIPRO and TATA.