COUNCIL FOR FAIR BUSINESS PRACTICES (CFBP)

Council for Fair Business Practices (CFBP)

On October 2, 1966, the Late Mr. J R D Tata, the Late Mr. Ramakrishna Bajaj, Mr. Arvind Mafatlal and Mr. F. T. Khorakiwala, inspired by Mahatma Gandhi’s message came together and formulated a Code of Conduct for Businessmen. Out of this desire to build bridges of understanding between manufacturers and consumer, the Fair Trade Practices Association was born and later renamed as Council for Fair Business Practices (CFBP). It represented the coming together of a section of like-minded businessmen who felt the need to safeguard consumer interests in an organized manner through a forum of Self Regulation and thereby help elevate the public image of business.

Today this organization is the only of its kind in India and has as its member in some of the Country’s leading business houses and Trade Associations. Since its inception the Council has been propagating the code of Fair Business Practices which codifies the norms of business activities that ensure justice and a fair deal to the consumer.

CFBP was set up because doubts arise sometimes in the mind of the consumer about the business community due to some elements whose dealing with the consumer has not been devoid of unfair trade practices. There is a great need for better communication, understanding and rapport between the Consumer and Business. CFBP tries to bridge this gap. It insists on not only prescribing the code, but exhorts its members to steadfastly follow the code of fair business practices.

Though the council is a body of Businessmen, its main objective is to protect the consumer’s interest. The council has remained committed to the philosophy of self – regulation and has brought about awareness that the consumer’s right must be safeguarded and protected which will ultimately promote better business. The image of the business community needs to be improved to gain greater goodwill with the consumer. A satisfied consumer is the best insurance for a businessman. A customer would prefer to deal with a member of CFBP rather than with someone outside the discipline of CFBP