Exhibit 14.1

           CODE OF ETHICS APPLICABLE TO THE CHIEF EXECUTIVE OFFICER,
           CHIEF FINANCIAL OFFICER, CONTROLLER AND FINANCIAL MANAGERS

Investors Capital Holdings, Ltd. requires ethical conduct in the practice of
financial management throughout the world. The Chief Executive Officer, Chief
Financial Officer, Controller and financial managers hold an important and
elevated role in corporate governance. They are uniquely positioned and
empowered to ensure that the Company's, and its stockholders, interests are
appropriately balanced, protected and preserved. This Code provides principles
that these officers must adhere to and advocate.

As the Chief Executive Officer, Chief Financial Officer, Controller, or a
financial manager, I will:

     o    Embody and enforce this Code of Ethics.

     o    Ensure that this Code of Ethics is communicated at least annually
          throughout all financial departments.

     o    Formally and promptly communicate any breach of this Code of Ethics to
          the Senior Vice President and General Counsel.

     o    Act at all times with honesty, integrity and independence, avoiding
          actual or apparent conflicts of interest in personal and professional
          relationships.

     o    Discuss with appropriate Senior Management level, or, in the case of
          the Chief Executive Officer, with the Senior Vice President and
          General Counsel, in advance any transaction that reasonably could be
          expected to give rise to a conflict of interest.

     o    Provide full, fair, accurate, complete, objective, timely and
          understandable financial disclosures in internal reports as well as
          documents filed or submitted to the Securities and Exchange
          Commission, any other government agency or self-regulatory
          organization, or used in public communications.

     o    Comply with all applicable rules and regulations of federal, state,
          provincial and local governments, the Securities and Exchange
          Commission, the New York Stock Exchange, and other exchanges on which
          the Company's stock is listed, and other appropriate private and
          public regulatory agencies.

     o    Comply with the Company's Code of Conduct

     o    Act in good faith, responsibly, with due care, competence, diligence,
          and without knowingly misrepresenting material facts or allowing my
          better judgment to be subordinated

     o    Protect and respect the confidentiality of information acquired in the
          course of my work except when authorized or otherwise legally
          obligated to disclose. Confidential information acquired in the course
          of my work will not be used for personal advantage.

     o    Be recognized as a responsible partner among peers.

     o    Responsibly use and control assets and other resources employed or
          entrusted to my supervision.

By signing this statement, I acknowledge that I have read, understand, and agree
to adhere to this Code of Ethics. Violation of this Code may be ground for
termination from the Company. Any waiver of this policy must be approved by the
Board of Directors, and, if an executive officer is implicated, will be
communicated to the shareholders.