The Chartered Financial Analyst (CFA) Institute of the US will not be allowed to conduct its course in India from now on. This is after the Delhi High Court dismissed the writ petition filed by the institute against an AICTE order to stop operations in India.
The institute doesn't have an approval from the regulatory body to function in the country. This will hit hard around 10,500 students who are enrolled across levels for the course. CFA is the premier qualification for those who want to become fund managers or equity researchers. The CFA is a three year course and is considered equivalent to a masters degree in finance. The course costs almost Rs 1 lakh. The institute in now left with two options, either to seek approval from AICTE and continue operations or challenge the judgement in the Supreme Court. Any institution imparting technical knowledge should submit to the jurisdiction of AICTE as it is accountable to the students for maintaining the quality of technical education in the country. According to ICFAI University, Tripura, attractive advertisements luring students in the name of foreign degrees are being issued by many institutions. Students desirous of joining any technical programme of any foreign university, institution operating in India , either directly or in collaboration with an Indian institution, must confirm the status of its approval by AICTE.