The Chartered Financial Analyst (CFA) Institute, a US-based organization that awards the CFA charter, suffered a setback on Friday, with the Delhi high court upholding a ban on it issued by India’s education regulator, the All India Council for Technical Education (AICTE).
The CFA Institute had filed a petition in the high court seeking an overruling of the ban issued in May asking the institute to cease all operations in the country as it had not sought necessary clearances to conduct a technical programme in India.
Friday’s ruling is likely to create more uncertainty for the more than 10,000 students registered with the institute. Since the ban, students have had to either cancel exam registrations or travel to locations outside the country to appear for the CFA exam that is conducted at the same time across the world. “We feel this ruling goes against the best interests of Indian investment professionals, employers and the Indian investing community,” a statement from the institute said.
Jatan Singh, standing counsel for AICTE in the Delhi high court, said the institute’s stance?on?CFA?not?being?a?technical programme did not hold in court. “Our argument was that the institute’s programme falls well within the purview of technical education as defined in the AICTE Act so they have to submit to the jurisdiction of the regulating body.”