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s also influenced by a multitude of external factors. The issues would be perceived on the scale of importance which would prompt the decision to be fairly limited ethical decision or for an intense issue where a deeper moral judgement would be necessitated. Accordingly two main types of situational influences have been identified- issue related factors and context related factors. In the issue related factors the rationale of decision making is based on moral intensity and moral framing. In moral intensity the underlying focus is on the magnitude of the consequences( the expected total benefit or harm for the people who would be affected by the action), social consensus (the degree to which people would be in agreement for the ethical degree of the action), probability of effect(the chances of the benefits or harm to actually happen), temporal immediacy( the speed of the impact), proximity( the social attachment for the stakeholders who would be impacted by the decision), concentration of effect( the weightage of consequences of the action on the different stakeholders) (Jones, 1991). The other aspect under the issue related factors is moral framing. It refers to the optimum framing/use of language to communicate the action as it will be perceived differently under different circumstances. It also occurs after a decision has been made. So it is important not to only judge the decision, but also to justify the decision methodology to the all the stakeholders. They are referred to as the justification, rationalization tactics-namely mental strategies that allow employees to view their corrupt acts as justified (Anand, Ashforth, & Joshi, 2004). Six strategies are discussed which are utilised namely- denial of responsibility, denial of injury, denial of victim, appeal to higher loyalties and the metaphor of the ledger. These rationalizations are used by the actors in order to cover up the negative acts of unethical practices. The context related factor of situational influence states that the decision is affected by the expectations and demands of the organisation. The work environment influences the level of morality used to make decisions. The parameters utilised under the context related factors are rewards, authority, bureaucracy, work roles, organizational culture and the national context.

The above analysis acts as the justification for the actors in the financial markets. There are multiple levels of situation that these actors face in their day-to-day activities and the parameters utilised for decision making differs depending on the situation. It can be inferred that issue-related influence is of low relevance in the case of financial markets, as ethical issues are perceived to be less important most of the times as seen by the history of the financial market scandals. Also the issue of moral framing which is blatantly abused for deriving personal rewards at the cost of other stakeholders in the system.

The financial services industry is omnipresent in almost every individual’s life. Individuals are exposed to the financial service sector either through their savings or investment options. There is virtually no escaping these institutes for a common man. So the responsibility of the industry towards these individuals is of providing responsible service as the individuals are affected by the working of the institute. So they are deemed as the stakeholders of the institute. The Stakeholder theory of