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FAQs: India

 

 

 

 

Will CFA Institute offer any special deadlines or discounted fees for candidates in India?

We will be offering all candidates worldwide our normal payment deadlines and fee schedules.

 

What test centers should candidates in India select?

We are pleased to announce that the Delhi High Court issued an order granting permission for CFA Institute to register candidates for the December 2009 CFA exam in India, and we are proceeding with plans to have a test center in Mumbai. Candidates may also select from any of more than 175 test centers worldwide, including many in the Asia Pacific and Middle East regions. Candidates for the June 2010 exam must select a test center outside of India.

 

Has the CFA Program been approved by the All India Council for Technical Education (AICTE)?

No. CFA Institute does not believe that the AICTE Act and its regulations apply to the CFA Program. In 2007, the AICTE ordered CFA Institute to cease conducting the CFA program in India, and CFA Institute filed litigation in India contesting that determination. In 2008, CFA Institute submitted an application to AICTE for approval of the CFA Program while continuing the ongoing litigation. The matter is currently pending before a division bench of the Delhi High Court, and an expert committee named by the AICTE is formulating new regulations that would apply to international certification and credentialing programs. Additionally, the Delhi High Court has granted CFA Institute permission to register candidates for the December 2009 exam in India, and we are proceeding with plans to have a test center in Mumbai.

 

What is CFA Institute doing to stop ICFAI’s use of the “CFA” and “Chartered Financial Analyst” trademarks in India?

We are aware of the ads that ICFAI has been running through its ICFAI University, Tripura. On 4 August 2006, the Delhi High Court issued an injunction ordering ICFAI to stop using the CFA Institute trademarks. The court also addressed ICFAI’s sponsored universities, saying that if “they have gone ahead to obtain legislative sanctions to use their trademarks they have done so at their own peril.” In addition, the Delhi High Court has allowed the CFA Institute application to add ICFAI universities (PDF) to the pending trademark case on 5 August 2008. In addition, we filed a contempt-of-court motion before the Delhi High Court, and on 31 August 2007 the court stated that ICFAI must comply with the injunction order “in letter and spirit.”

 

Where is the CFA designation from CFA Institute recognized?

CFA Institute is a private membership association that aims to lead the investment profession globally by setting the highest standards of ethics, education and professional excellence. The CFA designation is recognized everywhere. In addition, several countries have recognized the rigor and quality of our CFA Program and designation by allowing passage of Level I of the exam or achievement of the CFA charter to meet certain licensing or qualification requirements. Those countries include the United States, United Kingdom, Australia, Singapore, and Hong Kong.

 

Has CFA Institute lost its trademark rights in India?

Not at all. Contrary to some misleading news reports, CFA Institute trademark rights to the “CFA” and “Chartered Financial Analyst” brands have been recognized in India by the Delhi High Court. Further, the Delhi High Court issued an interim injunction ordering ICFAI and its affiliated Council of Chartered Financial Analysts to stop using CFA Institute trademarks. The Deputy Registrar of Trade Marks did recently determine that a trademark registration issued to CFA Institute for the “CFA” brand must be republished due to an error by the Trade Marks Registry. CFA Institute has numerous trademark applications on file with the Trade Marks Registry, and CFA charterholders from CFA Institute are free to use the “CFA” and “Chartered Financial Analyst” marks throughout India.

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Will CFA Institute continue to provide a travel refund like it did for candidates who traveled outside of India in 2007?

No. CFA Institute provided a partial refund to candidates who were already enrolled in the CFA Program, who had expected to sit for the June 2007 and December 2007 exams in India but ultimately had to travel outside of India to take the CFA exam.

 

Can investment professionals in India earn the CFA charter?

Yes. Upon completion of all requirements, including passing the CFA exams, investment professionals become charterholder members of CFA Institute and earn the right to use the CFA designation. CFA exams are held in more than 175 test centers worldwide, including many in the Asia Pacific and Middle East regions. Updates regarding test center locations in India will be posted on our India pages.

 

Is there an injunction against ICFAI in the United States?

Yes. In 1998 a United States District Court issued an injunction that prohibits ICFAI’s use of all CFA Institute trademarks and confusingly similar trademarks in the United States and Canada. ICFAI challenged that order in late 2006, however, the U.S. District Court and Fourth Circuit Court of Appeals upheld the injunction and it remains in place. In March 2009 the U.S. District Court found ICFAI in civil contempt (PDF) of the 1998 injunction order. In September 2009, based in part on ICFAI’s “willful conduct” leading to the civil contempt, the U.S. District Court ordered ICFAI to pay CFA Institute (PDF) more than $1,000,000 in damages and attorney’s fees.

  

How can I get more information?

We are posting all information updates to our India web pages. Please check our website often for the latest information.

 

Is ICFAI affiliated with CFA Institute?

No. ICFAI is not affiliated with CFA Institute in any way. The "CFA diploma" from ICFAI is not recognized by CFA Institute and is not the same as the globally recognized CFA charter granted by CFA Institute.

 

On 4 August 2006, the Delhi High Court in India issued an interim injunction against ICFAI, ordering it to cease using the Chartered Financial Analyst®, CFA®, and other trademarks of CFA Institute. This ruling is a positive first step toward clarifying the situation in India and continuing to serve Indian investors, investment professionals, and the financial markets at large. Read the press release.

 

Can ICFAI graduates obtain waivers into the CFA Program or CFA Institute membership?

No. CFA Institute does not grant any waivers into the CFA Program or into CFA Institute membership for ICFAI graduates.

 

Is CFA Institute doing anything to eliminate the confusion caused by ICFAI?

CFA Institute is currently engaged in litigation in India seeking an order prohibiting ICFAI from offering its own Chartered Financial Analyst designation and to stop the illegal use of the CFA and Chartered Financial Analyst trademarks. These cases are pending in the Indian courts and CFA Institute will keep its members and candidates apprised of their progress. In addition, CFA Institute has several pending trademark applications in India to further protect the CFA designation.

 

On 4 August 2006, the Delhi High Court in India issued an interim injunction against ICFAI, ordering it to cease using the Chartered Financial Analyst®, CFA®, and other trademarks of CFA Institute. This ruling is a positive first step toward clarifying the situation in India and continuing to serve Indian investors, investment professionals, and the financial markets at large. Read the press release.

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