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The ICFAI Business School Alumni Federation (IBSAF) was established in 1997 as a non-profit society with the following objectives:

• To propagate and ensure the acceptance of, the philosophy and values of ICFAI Business School (IBS) related to management education and practice, among the academia and industry.
  
• To work in close liaison with the IBS with respect to the PGDBA program and other continuing education programs meant for the benefit of IBS Alumni.
  
• To develop a system of knowledge sharing among IBS faculty, students and Alumni and work towards bridging the gap between academia and industry.
  
• To cater to the networking needs of the IBS Alumni by enabling frequent exchanges of views in the form of seminars, periodicals and newsletters.

All Individual members of IBSAF are required to conduct their professional activities in accordance with the laid down code of ethics and abide by the rules and regulations thereon.

Integrity: A member of IBSAF shall conduct himself/herself with integrity and dignity in his dealings with the public, customers, employers, employees and fellow professionals. He shall maintain high standards of personal conduct.

Ethical Leadership: A member shall interact transparently with a diverse range of colleagues and competitors and lead ethically in a dynamic context with distinction.

Professional Competence: A member of IBSAF shall act with competence and shall strive to maintain and improve his/her analytical, technical and functional skills. He/she shall strive to develop professional competence in the tools and functions of business and shall organize information that is vague and unstructured, leading in turn to accurate definition of problems and generation of creative solutions.

Professional Independence: A member shall use proper care and exercise independent judgement in all his/her professional activities.

Eligibility for Membership: All candidates who successfully complete the PGDBA program of IBS and apply for membership, are eligible to become members of IBSAF. A one-time membership fee charged from the candidates will be treated as the life membership.

Declaration: All prospective members shall sign a declaration that they will voluntarily abide by the Code and Standards adopted by the IBSAF and as amended from time to time.

Duty to Inform Change in Employment Status: Members shall inform IBSAF of any change in their employment status immediately after such change. Employment status means, the type and nature of employment, the employer, the designation and the place of work.

Removal from Membership: A member shall be removed from membership if he/she indulges in such activities that may disrupt the interests and decorum of IBS/IBSAF, and as laid down by the IBSAF Board of Governors.

Review of Rules: The responsibility for periodic review of the Code, Standard and Rules will rest with the Board of Governors. Changes recommended will have to be approved in the Annual General Body Meeting of the Council for incorporation in the Code, Standards and Rules.