The Institute of Chartered Financial Analysts of India University, Tripura

(Established under Section 4(2) of the Institute of Chartered Financial Analysts of India University, Tripura Act 2004)
Jagannath Bari Road, Bidur Karta, Chowmuhani, Agartala, Tripura West – 799001
 
Dated March 16, 2007



PRESS RELEASE

AICTE  DIRECTED TO TAKE ACTION AGAINST THE AMERICAN CFA INSTITUTE

The High Court of Guwahati, Agartala Bench has admitted the petition filed by the ICFAI University, Tripura and has given notice to the CFA Institute, USA and has directed the All India Council for Technical Education (AICTE) and the Ministry of HRD, Government of India to take action against the American CFA Institute in six weeks. This order was issued in response to a petition filed by the ICFAI University, Tripura against the CFA Institute, USA.

The Institute of Chartered Financial Analysts of India University, Tripura has been established as a statutory university by the Government of Tripura through Tripura Act 8 of 2004 and was subsequently approved by the University Grants Commission under Section 2(f) of the UGC Act. The ICFAI University is mandated by law to conduct the CFA Program in India and award the CFA Charter and Designation to successful candidates.

It has recently come to the notice of the ICFAI University that an American Institute by the name “CFA Institute” has been marketing its program and admitting students in India without any approval from the Government of India. Consequently the ICFAI University has filed a petition before the High Court of Guwahati, Agartala Bench against the activities of the American Institute on the following grounds:

  • The American Institute is just an association of individuals without having any statutory recognition for its charter in USA, India or anywhere else in the world.
  • The application filed by the American Institute in UK has been rejected by the Trademark Authorities because the use of the word “Charter” can be misleading as the Institute has no Royal Charter/Parliamentary approval.
  • Being a foreign institution, the American Institute has to obtain approvals from the University Grants Commission or from the All India Council for Technical Education. However the American Institute has no such approvals; but has been issuing frequent advertisements to attract enrolments from  Indian students, conducting examinations in India and awarding certificates. The American Institute charges a hefty fee of US $2535 (Rs.1,14,000) from each student for a program which has no content relevant to India.

Consequently the ICFAI University has requested the High Court for the following:

    • To restrain the American Institute from operating in India including issuing advertisements, conducting examinations and awarding certificates which are expensive and not relevant to India at all.
    • To direct the Ministry of HRD, Government of India, Ministry of Finance,  Government of India, UGC and AICTE to conduct proper enquiries into the unauthorized activities of the American Institute.
    • To direct the Trademark Authorities in India not register any trademarks of the American Institute.
    • To direct the Government of India to come out with a suitable legislation to develop and regulate the profession of Chartered Financial Analysts in India so that the interests of the investing public are properly protected.




    Sd/-
    Authorized Signatory