Delhi High Court allows CFAI to conduct exams in India


New Delhi : The Delhi High Court Thursday allowed the US-based Chartered Financial Analyst Institute (CFAI) to conduct its examination in India from June 3.

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Considering the fact that about 7,000 students would be affected, Justice B.D. Ahmed said the CFAI has been allowed to conduct the examinations only for this year.

The All India Council for Technical Education (AICTE) had recently decided to ban Indian operations of the CFAI. On Wednesday, the high court reserved its order on the AICTE decision.

The matter would be taken up for further arguments in July after the summer vacation.

On May 18, the AICTE, a government body regulating technical and specialised education in India, had served notice on CFAI to cease its operations in India as it was "flouting regulations".

The CFAI filed a petition in the high court seeking a stay on the notice, to be allowed to conduct the examinations.

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

The CFAI is a correspondence course and had been operating in India since 1987.

On Monday, the Agartala bench of the Gauhati High Court, in an interim order, upheld the notice sent by the regulatory body for technical education asking the foreign institute conducting the course to immediately stop all operations in India.

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 appear in the examination than from either the United Kingdom or Canada.