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CFA blinks, to seek AICTE approval

By Kalpana Pathak in Mumbai
January 08, 2008 11:56 IST
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The US-based Chartered Financial Analyst Institute has decided to approach the All India Council for Technical Education to seek approval for its India operations.

This follows a ruling by the Delhi high court in December dismissing the CFA Institute's petition against the AICTE.

The High Court said the Institute should seek the technical education regulator's approval to operate in India.

The CFA institute wrote to the AICTE in the last week of December to seek an appointment.

"The CFA Institute is reaching out to the AICTE to apply for registration of the CFA programme in India. The idea is to work together with the AICTE to ensure candidates can resume their career development and pursuit of the CFA qualification," said S V Balachander, India consultant.

The Institute, however, is also considering appealing the decision "to preserve important legal rights," said Balachander.

An AICTE approval for the CFA programme would mean reprieve for over 10,500 Indian CFA students who will be able to appear for their exams in India.

Exams for all the three levels are scheduled for the first week of June 2008.

The AICTE approval will also allow the CFA Institute to register fresh candidates in India.

The Institute had ceased operations in the country by not registering fresh candidates for its Level One course in September 2007.

The controversy dates back to May 2007 when the CFA Institute was challenged by the Institute of Chartered Financial Analysts of India through its university in Tripura.

The ICFAI moved the Guwahati High Court, alleging that the US-based institute was marketing the CFA programme in India without obtaining AICTE permission.

The Guwahati high court had directed the AICTE to determine whether the CFA Institute must seek approval for the CFA programme from the AICTE.

The CFA Institute, however, had argued that it did not need an AICTE clearance to operate in India, as it neither offered a degree or a diploma in CFA, nor was it running an institute or university in the country.

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Kalpana Pathak in Mumbai
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