Since the award is open to persons representing trade, industry or services sector the following are the broad criteria for selection for the award:
- Achievements in trade, industry or services.
- Performance of enterprise e.g. sales, profits etc.
- Overall excellence in business
- Contribution to: Ethical practices, Exports, Improvement of environment, Welfare of the community, Employment generation, Overall contribution to development of trade & industry and to society and community causes.

The nominee should have high degree of business acumen as reflected in his innovativeness, leadership, and contribution to the community at large. Besides he should have degree of personal integrity and must be known for exemplary standards of business ethics.

The nomination should be accompanied by:
-Complete bio-data of the nominee.
-Detailed resume of the achievements of the nominee's organisation, his personal initiative and contribution to such achievements.
-Confirmation of the proposer that the nominee is aware of the nomination and that he has agreed to accept the award if selected.
-Passport size photo of the nominee