ICFAI University challenges US institute in Guwahati HC

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.
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 In

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 trade-marks 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.

The Agartala bench of the Guwahati High Court has directed the Ministry of Human Resources Development and All India Council for Technical Education (AICTE) to examine the allegations made by Tripura’s ICFAI University against the American CFA Institute.

In a recent order, the court observed that the statutory authorities were obliged to take action as contemplated by the regulations in respect of foreign universities and institutes operating in India.

ICFAI University had moved the Court alleging that the US institute was marketing the Chartered Financial Analyst (CFA) programme in India without obtaining necessary permission.

The petitioner said that ICFAI University was mandated to conduct the CFA programme in India under regulations and award the CFA charter to successful students.

The ICFAI University also alleged that the US institute was just an association of individuals without having statutory recognition in the US or anywhere in the world.

AICTE directed to take action against American CFA institute