Why cma is under valued?

When talking about finance profession in India, Chartered Accountant seems to be most preferred person unless we consider an IIM dude. But there is one more course in accounting and finance and that is Cost and management accountant. A close look at the course structure and syllabus of CMA shows that it is not less than CA in any manner. Infact, it gives you something more into finance and a CMA can handle the finance function better than CA. But seeing the Industry acceptance it seems it is under valued? Please share your views on the same.