(a) whether the All India Council for Technical Education (AICTE) has asked the
Chartered Financial Analyst (CFA) to cease its operations in India;
(b) if so, the reasons and details thereof;
(c) the time since when the CFA has been in existence in India and the number of
students acquired degrees from CFA; and
(d) the impact of the ruling oj AICTE on the future of the students acquired degrees
from CFA?
MINISTER OF STATE IN THE MINISTRY OF HUMAN RESOURCE DEVELOPMENT (SMT. D. PURANDESWARI)
(a)&(b): Yes, Sir. The Chartered Financial Analyst (CFA) had not taken any approval from
the All India Council for Technical Education (AICTE) for conducting this programme. The
Guwahati High Court (Tripura Bench) had directed AICTE to take appropriate action as per
the regulations notified by the Council. Accordingly a show cause notice was issued on
22.03.2007 to the Institution to clarify the reason for not taking approval from AICTE.
The response received from the institution was considered and not found satisfactory. The
AICTE has advised the institute to seize its operation in India. CFA Institute & another
have filed a Writ petition (Civil) No. 4037 in the High Court of Delhi on 24th May, 2007
and obtained permission to conduct the examinations in June, 2007.
(c): As per the AICTE, no information regarding the exact date from which the CFA
Institution has been in existence and the number of students who acquired degrees is
available with them.
(d): Since CFA Institution has not obtained approval from AICTE, the degrees acquired
from CFA are not recognized by the Council.