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CFA moves court against shut down order

May 25, 2007 09:32 IST

Stung by the missive from the All India Council for Technical Education to wind up its operations in India, the Chartered Financial Analyst institute has filed a petition in the Delhi high court seeking a stay on the notice, even as it has decided to give 0 (Rs 12,300) to each of its 7,000 students to write the June 3 examinations outside India.

These locations are Kathmandu, Dhaka, Colombo, Singapore, Thailand, Hong Kong and the United Arab Emirates.

"This move will help those candidates who initially thought of opting out of the examinations if they are not held in India," said S V Balachander, CFA institute's India consultant.

However, students will still have to bear the expenses of boarding and lodging and obtaining a visa.

Students who clear the CFA examinations are mostly employed as financial analysts by investment banks and broking houses. This year, more students from India will write the examinations than from either the United Kingdom or Canada.

On a complaint filed by the Hyderabad-based Institute of Chartered Financial Analysts of India, the AICTE had asked the CFA institute to stop its operations in India, as it had not taken the council's clearance.

The matter will come up for hearing in the court on Friday.

Kalpana Pathak in Mumbai
Source: source