Business environment in India is dynamic and complex. Post liberalization, some of the best practices in developed countries are followed by business in India. Business ethics, corporate social responsibility and governance are important components of emerging, management thoughts being accepted by Indian Corporates. Ethics reflects a society's notion about the rightness or wrongness of an act. Ethics also involves the evaluation and application of certain moral values that a society or culture has come to accept as its norms. Business ethics is the application of general ethical ideas to business behaviour. Ethics is a subject that deals with human beings. Society forms an opinion on the business based on the ethical behaviour of the managers of the business. Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. Corporates use all the resources from the society for producing its products and services and depend on the society for earning the profits. Corporate is obliged to the society in which it operates. During the process of doing business, corporates cause damage to the environment, deplete the scarce resources. This necessitates, business firms a responsibility to share a part of its profits for improving the quality of life of the society by its direct intervention. Good corporates take proactive initiatives to return part of its gains by taking up good projects like development of villages, increasing hygine in rural areas by providing basic facilities, maintaining gardens, running schools, hospitals etc. to name a few. These three management thoughts, i.e., business ethics, corporate social responsibilities and corporate governance are interconnected closely and corporates have to voluntarily accept and follow the regulations