CFA Institute fights for its life in India

On July 17, the Charlottesville-based CFA institute will soon have its day in court half a world away for the right to do business in one of the world's fastest growing economies. According to Investment News, representatives for the Institute, the organization which writes and administers the exam to certify chartered financial analysts, will appear before the Delhi High Court in India for the right to continue to use their name, administer their test, and offer training in India.

"There really isn't much to bicker over," says CFA Institute president and CEO Jeffrey Diermeier to Investment News, "but we're concerned that you have some investment professionals in India that are going to be disadvantaged."

It's part of a long-running dispute with the Institute of Chartered Financial Analysts of India, which says it has exclusive rights to all of the above in the world's second-most-populous country. On May 31, the Delhi High Court allowed the CFA Institute to administer its June exam as scheduled on June 3, but the ruling forced the Institute to shut down its program after that date. Still, rumors persisted that the Indian government would seize the completed June tests, and so many who had registered for the exam chose to skip it. To those candidates, the CFA Institute has offered a $300 refund.

Currently, the CFA Institute's certification is considered to be the world's accepted standard, and the exam is administered in more than 100 countries. What's at stake for the CFA Institute in the subcontinent? In the last two semi-annual testing periods, 10,500 Indians have taken the Institute's exam, more than China (10,200) or the United States (4,400) and second only to Canada (11,400).

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5 comments

Arun,
U rightly said its really unfortunate for those who deferred.
I tried to register again for Dec exam but surprisingly INDIA was not in their country list in Home Address as well as Working country address.
So i guess they are not allowing anyone from INDIA whether he is working in or outside.
If anybody have some other clue pls let me know. My email id is anurag.gupta@iflexsolutions.com

Regards,
Anurag

Guys,
Its unfortunate on the part of students, but i think there are still some ways out for fresh registration as well as registered for December candidates.
1) CFA website says Indians living and working outside India can appear.
2) If someone has a mailing address, which is outside India, i think he can appear. Process may be first changing address to another country and then requesting a change in test center in that locality.

If some is gonna try this please share with us the result and mail me over on arun.babbar@gmail.com

Regards.

>>the bureaucrats at AICTE decided to ¢Ã¢â??¬Ã?â??show their might¢Ã¢â??¬ by preventing the entry of the CFAI, which has proved what it really is - a vestige of the license-raj pre-liberalization dark ages

As an Indian CFA candidate and aspiring financial analyst affected by the outcome of this legal tangle, I have been watching this pathetic drama unfold right from the start. My 2 cents:
AICTE, the indian goverment appointed "educational regulator" is essentailly a joke (a bad 1 at that) The difference between many "AICTE approved" and non approved colleges is just the AICTE approval; the top b schools of india - IIMs, ISB, never even bothered to get themselves approved by AICTE! frustrated by their ever diminishing importance and credibility, the bureaucrats at AICTE decided to "show their might" by preventing the entry of the CFAI, which has proved what it really is - a vestige of the license-raj pre-liberalization dark ages.
But CFAI's approach has left much to be desired. Instead of doing what it can to make things easier for Indian CFA aspirants; CFAI has decided to punish the indian candidates by restricting them from writing exams even if they are willing to travel to other countries to write the exam. How can CFAI justify this ludicrous move? many of us here in India believe in the fair-mindedness and sense of justice of the americans; so we hope that good sense will prevail and CFAI will emrge victoriuous in its battle with AICTE and more importantly, it will allow indian candidates to write exams from abroad not withstanding the legal outcome.

Dude I think there is no scope for Indians to take the exam even from outside India, as aspirants like me who deferred their exam in June, have already got back the refund of the netire sum, including the enrolment fees.
Do send me wateb=ver updates you guys have on the issue.My email id:arvindshah83@gmail.com
Thanks
Bbye
Arvind!!