The Hindu Business Line, Hyderabad - March 17, 2007

HC notice to US institute

The High Court of Guwahati, Agartala Bench has admitted the petition field by the ICFAI University, Tripura, giving notice to the CFA Institute of the US while directing the All India Council for Technical Education (AICTE) and the Ministry of HRD, to take action against the CFA Institute in six weeks.

According to a statement from ICFAI, this order was issued in response to a petition field by the ICFAI University, Tripura, against the CFA Institute, USA.

STATUTORY RECOGNITION

The Institute of Chartered Financial Analysis of India University, Tripura, has been established as per laws and subsequently approved by the University Grants Commission. The ICFAI contended that an American Institute by the name “CFA Institute” has been marketing its programme and admitting students in India without any approval from the Central Government.

Consequently, the ICFAI University has filed a petition before the High Court against the American Institute on the grounds that it is just an association of individuals without having any statutory recognition for its charter in the US, India or anywhere else in the world.