Banning of CFAI creates industry resentment

Banning of CFAI creates industry resentment
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First Published: Fri, Jun 01 2007. 05 59 PM IST
Updated: Fri, Jun 01 2007. 05 59 PM IST
New Delhi: The timing of the government’s move to ban operations of US based Chartered Financial Analysts Institute has led to some resentment amongst industry chambers and professionals.
There is a growing conviction that the Indian securities and financial sector is fast integrating with the international market and that it’s requirement of competent financial analysts is also increasingly falling short of supply.
“The financial sector which is considered to be the backbone of the economyneeds a huge pool of talented human resources to efficiently manage it and by slapping a blanket ban on the CFA Institute the government is only creating barriers to avenues which can otherwise help create better and more quality oriented educational opportunities for young aspirants.
According to President, Assocham, Mr V Dhoot, “Quality of education and practical approach is critical to the health of any organization and the US institute imparting CFA education has been living up to the corporate expectations around the world.”
Since AICTE has ordered the CFA Institute to close down all its operations in India with immediate effect, on the premise that it is not registered with the University Grants Commission (UGC) or AICTE, the future of 7,000 students is in jeopardy. Meanwhile Hon’ble Delhi High Court has came to the rescue of the students by allowing them to take exams on 3June in India, if the ban continues.
Also, if the ban on the operations of CFAI is not removed, candidates would have to take exams in neighbouring countries like Singapore, Bangkok, Kathmandu and Colombo, creating an inappropriate image out of the country.
Over 7000 Indian students, most of whom are working, have enrolled themselves with the CFA Institute. Further, qualified financial analysts have made a mark for themselves in the fast growing financial services sector like investment research firms, hedge funds and foreign investment institutions.
According to the Chamber, the world’s biggest economies like the US and EU are outsourcing talent from India. India and China are the fastest growing economies in the world and the finance and services sectors largely contributes to the growth.
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First Published: Fri, Jun 01 2007. 05 59 PM IST