DNA - Money - How ICFAI managed to block CFA - Daily News & Analysis
How ICFAI managed to block CFA MUMBAI: The Indian upstart has managed to displace the American major. No, we are not talking about Infosys buying out Microsoft, but the Institute of Chartered Financial Analysts of India (ICFAI) getting the Chartered Financial Analyst (CFA) Institute to leave India.
The CFA institute was founded way back in 1947 in the US. Inspired by the success of the programme, a few IIM, Bangalore, professors, set up ICFAI and started offering the CFA degree in India. This degree did not have any connection with the CFA institute, though it did use the same name.
The CFA filed a case against ICFAI in 1997. In August, 2006, the Delhi high court gave a decision asking ICFAI to drop CFA from its name by May, 2007. ICFAI stopped offering the CFA course a few years ago and replaced it with an MS-Finance degree. In March, 2007, almost two months before the May, 2007, deadline, ICFAI filed a case in the Guwahati high court, claiming that the CFA institute was running an unapproved technical programme. On directions from the court, the All India Council for Technical Education (AICTE) asked the CFA institute to cease operation in India with immediate effect. The premise was that any foreign university/institution imparting technical institution in India has to have clearance from AICTE.
A writ petition has been filed whereby the CFA institute has requested the Supreme Court to at least allow the institute to conduct an exam scheduled for June 3, 2007, says a source close to the develo ment.
The ICFAI itself does not have an AICTE accreditation for most of its technical programmes. This is a clear attempt by ICFAI to protect its business interests more than anything else, says a CFA who was unwilling to named. In fact, a whole lot of ICFAI- run institutes are on the list of unapproved institutions running technical programmes without AICTE approval.
This list is available on Welcome To AICTE. The list includes a few engineering colleges and business schools run by ICFAI.
ICFAI has been offering the CFA programme since 1985, which was recognised by AICTE in 1990. Other programmes are offered by ICFAI University, which dont require recognition from AICTE, but from UGC. ICFAI university is recognised by UGC already, says S K Sharma, director, ICFAI Business School. ICFAI has managed to get a university status in the states of Uttarakhand, Tripura, Sikkim, Meghalaya, Mizoram, Nagaland and Jharkhand under respective legislations. The University Grants Commission though has recognised only the ICFAI University at Dehradun (Uttarakhand) and at Agartala (Tripura) in the list of universities maintained by the University Grants Commission under Section 2(f) of the UGC Act, 1956.
AICTE has been taking similar action against Indian institutions as well. Why is the issue being hyped when a foreign institution is involved? Are the laws of the land different for different institutions? asks Sharma.
Some of the best business schools in the country do not have an AICTE accreditation. Most of the business schools of Symbiosis Society in Pune did not have an AICTE accreditation till some time back and that did not stop industry from recruiting from there. The Indian School of Business in Hyderabad does not have an AICTE accreditation. Now that does not mean that they do not have a quality course in place, says the CFA mentioned above.
Most of the original founders have left ICFAI by now, disillusioned by the way it is being run, having essentially been converted into money-making machine. Some time back, Besant Raj, who was the founder chairman and chancellor of one of the universities established by ICFAI, also quit, says a source close to ICFAI. The institute, since its inception, has largely been run by the low profile Yasaswy, who is a member of the board of governors of ICFAI.
waldeepak SaysIf you need schewser notes, videos from schweser, PM me. Please wait in getting a response as I am appearing in June. But would do as much I can do. Once I clear it, I can arrange for a fundae sharing session :D
Hi....
Can u pls PM me the link too.....
I'll be very very thankful.....
TIA,
Ritesh
I found another interesting link
------
US court allows ICFAI's CFA charter Our Bureau
Over 4,000 candidates who have obtained CFA charter from ICFAI can apply for jobs now in the US, Canada
Hyderabad May 26 The Hyderabad-based Institute of Chartered Financial Analysts of India (ICFAI) has derived an advantage in its legal battle against CFA Institute, USA pertaining to the use of its Chartered Financial Analyst (CFA) charter in the US and Canada.
A District Court of the Eastern District of Virginia recently vacated an injunction obtained by the CFA Institute in a default judgment in October 1998 prohibiting the use of ICFAI's CFA charter in the US and Canada, Mr S.K. Sharma, Director, ICFAI told Business Line here.
In view of the vacation of injunction, over 4,000 candidates who obtained CFA charter from ICFAI are now eligible to apply for jobs in the US and Canada.
"Further, ICFAI can market its CFA programme in the US and Canada through Internet and other means. The CFA charter holders would also have a wider job market in the US before them," he said.
"In 1998, we could not represent ourselves in the court due to the problems associated with the use of foreign exchange. However, as we are in a position to deal with legal issues outside India due to the financial comfort, we recently moved the court to reopen the case and to vacate the injunction as the court lacked jurisdiction over ICFAI at the time of the default judgment," Mr Sharma said.
CFA can appeal
However, the case is not yet closed. "As the case is reopened on our request, the CFA Institute can appeal again or move a higher court. But we do not have any information in this regard so far," Mr Sharma said.
---
Don't know how relevant this link is to us, but I'm sure this isn't too good for the CFA institute.
he ritesh plz contact me after ur june exam i urgently need the the schweser videos.
Any last minute tips for the exam with 5 days to go?
kkj06 SaysAny last minute tips for the exam with 5 days to go?
hMMM...lemme think...hmm...how bout...STUDY instead of posting on pg ???
kidding ...wat level u giving?
hMMM...lemme think...hmm...how bout...STUDY instead of posting on pg ???
kidding ...wat level u giving?
its L1.....
THIS ONE IS A BLITZ FOR EVERYONE IN DELHI/NCR AND PREPARING FOR CFA 1.
I have relocated to Gurgaon from Bangalore and am planning to start the preparation for CFA; I have access to a fair amount of prep material through the Library at my place of work, but have very limited knowledge of the CFA prep content and method.
Would request PMs from people in Delhi/NCR who are either prepping for CFA1 or have taken the CFA 1 test so that I may get in touch with each of you (who PM me) and consolidate my prep strategy.
I would in the meantime read through this thread and the CFA website and other miscellanea.
Thanks.
H.
I have relocated to Gurgaon from Bangalore and am planning to start the preparation for CFA; I have access to a fair amount of prep material through the Library at my place of work, but have very limited knowledge of the CFA prep content and method.
Would request PMs from people in Delhi/NCR who are either prepping for CFA1 or have taken the CFA 1 test so that I may get in touch with each of you (who PM me) and consolidate my prep strategy.
I would in the meantime read through this thread and the CFA website and other miscellanea.
Thanks.
H.
Hey guys!
Today CFAI was supposed to come up with some news regarding Delhi court decision...ne1 ne idea....
the final decision by CFA regarding the exam centre @ India will be taken by 29th May (US time)..
so we will have to wait till tomorrow morning before everything becomes clear.
The Delhi high court had been adjourned on friday. The hearin was supposed to hapen today. It should have been over by now.
Does nebody have any idea of the results?
??:
FLASH!!!!!!!!!!!!BREAKING NEWS!!!!!!!!!!!!!!
Hi,
Yesterday Gauhati High Court has confirmed the order given by AICTE, which means CFA Institute cannot conduct exams now in India. Even though CFA Institute has filed petition in Delhi HC, it may not effect the Gauhati HC order since the case was pending in Gauhati HC at the time of filing of petition in Delhi HC. You can see the Gauhati HC judgement in icfai website.
the court has been adjourned till tomorow (30'th May, Wednesday) 3.30 p.m
so we wil be knowing the FINAL decision by tomorow (hopefully).altho this contradicts with the fact that CFA Inst had decided to make a FINAL decision by 29'th May US time...??:
LATEST on the situation...gues tomorow will be the FINAL D-day !
Dear CFA Candidate:
We learned today that the Delhi High Court has not made a decision on our petition to allow us to hold the CFA exams in India on 03 June.
As you may know, we filed a writ petition with the Delhi High Court on 24 May. After hearing arguments today, the High Court has held over the case for another day, and said it plans to reach a decision on Wednesday, 30 May.
Many of you have already requested alternate test centers outside of India, or have requested to defer or cancel your exams, and we continue to process those requests.
As a reminder, if you have received confirmation of your alternate test center, or if you wish to cancel or defer your exam, you do not need to contact us. If you do not sit for the exam on 03 June, we will contact you to process information for a deferral or refund.
Meantime, please continue to check our website at www.cfainstitute.org/india for new information as it becomes available.
I'd like to thank you for your patience and understanding throughout this challenging time.
Sincerely,
Jeff Diermeier, CFA
President and CEO
CFA Institute
**************************************************************
Box 3668, 560 Ray C. Hunt Drive, Charlottesville, VA 22903 USA
FLASH!!!!!!!!!!!!BREAKING NEWS!!!!!!!!!!!!!!
Hi,
Yesterday Gauhati High Court has confirmed the order given by AICTE, which means CFA Institute cannot conduct exams now in India. Even though CFA Institute has filed petition in Delhi HC, it may not effect the Gauhati HC order since the case was pending in Gauhati HC at the time of filing of petition in Delhi HC. You can see the Gauhati HC judgement in icfai website.
And you are able to give such an analysis on the overlapping of jurisdictions of the Delhi HC and the Gauhati HC because you are a distinguished jurist???
If not then refrain from posting your self made analysis as fact and add to the confusion and consternation of the people on this thread.
Hi friends....
I got the calculator through one of my friends from Mumbai. He bought TI BA 2 Plus Professional instead of TI BA 2 Plus.
I just wanted to be sure, is this model allowed in the exam?? And since I am referring Scheswer notes (which refer to the TI BA 2 Plus only), how difficult its gonna for me using this calci?? In effect, is this calci different from the basic version in a major way??
Please advise ASAP as otherwise I may have to get it exchanged.....
Thanks,
Ritesh
Guys I have a question which is bothering me for some time now.I work for the s/w dept of a leading bank (yup another s/w bugger with 2+ years of crap).I was wondering if there is any demand for CFA's in software industry. I want to move into Business Analysis and Consulting.
I also plan to take my GMAT next month...so I might just scrape through in 5-6 months (June-Nov).I glanced through Schwinger notes and found them preety interesting.
Hi friends....
I got the calculator through one of my friends from Mumbai. He bought TI BA 2 Plus Professional instead of TI BA 2 Plus.
I just wanted to be sure, is this model allowed in the exam?? And since I am referring Scheswer notes (which refer to the TI BA 2 Plus only), how difficult its gonna for me using this calci?? In effect, is this calci different from the basic version in a major way??
Please advise ASAP as otherwise I may have to get it exchanged.....
Thanks,
Ritesh
Ritesh,
TI BA 2 plus professional is allowed in the exam. It is not very different from the normal one. You should not have any problems using it.
Ritesh,
TI BA 2 plus professional is allowed in the exam. It is not very different from the normal one. You should not have any problems using it.
Just to add.....go for professional.....it includes all the features of plus along with computation of payback period of a project......this would save a crucial minute on the exam.....and yes it is allowed on the exam!
Guys,
Need some help.....I gave 4 of the 6 exams from book 6 of schweser. My raw scores are stuck at 65/120 or 55%. I am a bit worried as 70% score ensures a safe pass mark. How do I improve this with 2 days to go......should I just revise the material and forget about the last 2 tests or practice them without the 3 hour exam timing???:
Kindly advice