CFA Institute may not hold December exams in India

Last updated: 19 June 2007

The Chartered Financial Analyst (CFA) Institute’s level I exams scheduled for December 2007, registrations for which began this September, might not be held in India.

“We are following the court’s order by not admitting new candidates in the course. It is bad for the Indian candidates as they will not be registered even if they are ready to write the exam at a centre outside India,” said a CFA official.

With the institute’s writ petition before the Delhi High Court — challenging the All India Council for Technical Education’s (AICTE) decision prohibiting the CFA programme in India — pending, it has decided not to accept any registrations from Indian candidates wishing to write the December 2007 level I exam even if they wish to sit for the exam in any foreign country.

This implies the institute will not register fresh candidates for the programme from India.

The institute’s president and CEO, Jeff Diermeier has informed the Indian CFA aspirants about this development. A statement on the India website reads: “In view of the ongoing legal proceedings, we may not be able to hold the CFA exam in India on December 2, 2007 as scheduled. If we are unable to hold the exams in India, CFA Institute will refund your enrollment and registration fees.”

On May 31, the Delhi High Court stayed the All India Council for Technical Education’s (AICTE’s) order banning CFA’s Indian operations, but only with respect to the stay on examination. It ruled that all the other issues of application and registration would be heard later.

The institute had, on May 24, moved the Delhi High Court seeking a stay on AICTE’s-notice to wind up its operations in India. AICTE had issued a notice to the CFA institute on a case filed by the Hyderabad-based Institute of Chartered Financial Analysts of India (ICFAI), which questioned CFA Institute’s legality of operating in India with out necessary approval from the AICTE.

With the institute’s writ petition before the Delhi High Court pending, it has decided not to accept any registrations from Indian candidates wishing to write the December 2007 level I exam

On May 31, the Delhi High Court stayed the All India Council for Technical Education’s (AICTE’s) order banning CFA’s Indian operations, but only with respect to the stay on examination

The institute had, on May 24, moved the Delhi High Court seeking a stay on AICTE’s-notice to wind up its operations in India