CFA needs AICTE nod for running course, ICFAI tells HC
ICFAI on Friday told the Delhi High Court that the self-study course run by US-based Chartered Financial Analyst (CFA) Institute in India is a financial management programme and requires AICTE's approval.
By PTI |
NEW DELHI: Institute of Chartered Financial Analyst of India (ICFAI) on Friday told the Delhi High Court that the self-study course run by US-based Chartered Financial Analyst (CFA) Institute in India is a financial management programme and requires AICTE's approval.
Arguing before a bench of Justice S Ravindra Bhatt, ICFAI counsel Niraj Kishan Kaul said CFA itself describes it as a educational programme. CFA's course content and syllabus falls part of financial management which is similar to IIM syllabus.
Valmiki Mehta, appearing for CFA, rebutted AICTE's contention that it was a distance education programme.
The court was hearing a petition filed by CFA seeking quashing of technical education regulator AICTE's directive restraining its operations in the country.
Earlier, CFA had contended it did not require any approval from AICTE to run its self-study course as it was not imparting any technical education. Its counsel Shanti Bhushan submitted that CFA had been conducting tests twice in a year for the past 20 years but AICTE never objected to it.
The High Court on May 31 had allowed CFA to conduct examination in June but had made it clear that the order was limited only to the extent of conducting examination and all other activities would not be carried out by the institute in accordance with the order passed by AICTE on May 18.
AICTE on May 18 issued notice after the Guwahati High Court, while hearing a petition of Institute of Chartered Financial Analysts of India, (ICFAI) had directed it to look into the matter. ICFAI had alleged that AICTE and UGC were not taking any action against CFA for allegedly running an unapproved technical programme in India.
Arguing before a bench of Justice S Ravindra Bhatt, ICFAI counsel Niraj Kishan Kaul said CFA itself describes it as a educational programme. CFA's course content and syllabus falls part of financial management which is similar to IIM syllabus.
Valmiki Mehta, appearing for CFA, rebutted AICTE's contention that it was a distance education programme.
The court was hearing a petition filed by CFA seeking quashing of technical education regulator AICTE's directive restraining its operations in the country.
Earlier, CFA had contended it did not require any approval from AICTE to run its self-study course as it was not imparting any technical education. Its counsel Shanti Bhushan submitted that CFA had been conducting tests twice in a year for the past 20 years but AICTE never objected to it.
The High Court on May 31 had allowed CFA to conduct examination in June but had made it clear that the order was limited only to the extent of conducting examination and all other activities would not be carried out by the institute in accordance with the order passed by AICTE on May 18.
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AICTE on May 18 issued notice after the Guwahati High Court, while hearing a petition of Institute of Chartered Financial Analysts of India, (ICFAI) had directed it to look into the matter. ICFAI had alleged that AICTE and UGC were not taking any action against CFA for allegedly running an unapproved technical programme in India.
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