The Delhi High Court on Tuesday allowed US-based Chartered Financial Analyst Institute to conduct examination in India scheduled on June 8. This is an interim order on a petition by CFA Institute challenging the single bench order disallowing it from conducting examinations in India.
Says a an official from CFA Institute India, “We have still not received orders. Many students dropped out this year since they had to take the examinations abroad. Nothing can be done now as the enrolments for the examinations have been closed.”
This year, around 4,000 Indian students are taking the examination outside the country compared to 7,000 last June. The judgement has come at a time when the students have already made arrangements of going abroad to take the examination. Says Mehul Shah, a level 2 student, who has registered himself in Singapore for the examination: “It is infuriating.
The judgement has come at a time when I have spent close to Rs 50,000 on my examination. I have lost all faith in the system.” Many Indian students have chosen Kathmandu, Dhaka, Colombo, Singapore, Thailand, Hong Kong and the United Arab Emirates as the test centres.
While making it clear that further enrolment by the Institute will be done with the approval of this court, the bench comprising Chief Justice AP Shah and Justice S Muralidhar said: “Prima facie, the All India Council for Technical Education (AICTE) Act is not applicable (to CFA Institute).”
Last year AICTE, India’s apex body in technical education concluded that CFA Institute has not obtained its approval to conduct the CFA Program in India and must cease all operations in India. The CFA examination, that has three levels (1, 2 and 3) is held once a year in June for the Level 2 and Level 3 and twice a year (June and December) for Level 1.
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