In a relief to thousands of students, the Delhi High Court has permitted the US-based Chartered Financial Analyst (CFA) Institute to hold its June 2009 examinations in India on June 7. It has, however, not passed any ruling with regard to the December 2009 exam. “This news is a big relief for all of us. It not only saves us the anxiety and money, but we will be able to prepare for the exam in peace,” said Ravi Raja (name changed), an analyst with a domestic broking house. Raja will be appearing for his level-three exams in June, for which he paid over Rs 32,000 as fee. The CFA Institute states on its website: “It will now permit people within India to enrol in the CFA Programme and register to sit for exams at test centres outside of India.”
Last year, the institute had stopped fresh registrations in India. It will also open a test centre in Mumbai for its students in India. While it is yet to decide the location of its Mumbai centre, the number of students taking up examination this year could be lower than last year. The institute said that over 8,400 Indian students have registered for the June exams. “I did not enrol for examination this year, as I was not certain if it would be held in India. I could not have put myself through all the anxiety of preparing for the exam and making travel arrangements to appear for the same,” said Navin Shinde (name changed), who works for a Mumbai-based equity firm. Navin had travelled to Bangkok last year to appear for his level one examination. Meanwhile, students have already started applying to the institute, requesting a change in test centre. The institute on its website said: “Any June 2009 candidates from India who did not receive the April 2, 2009, email asking if they would like to take the CFA exam on June 7, 2009, in Mumbai should contact us to request a test centre change.”
The institute is embroiled in a legal battle with the technical education regulating body — All India Council for Technical Education (AICTE). The institute had filed a writ petition before the High Court in May 2007, challenging the AICTE’s decision prohibiting the CFA programme in India. In December 2007, the high court had dismissed the CFA Institute’s petition against the AICTE, stating that the institute should seek AICTE’s approval to operate in India. Following the order, the institute decided to approach AICTE in January 2008 to seek approval for its India operations. Simultaneously, it had appealed to the division bench of the Delhi High Court against the December 2007 order.
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