Delhi HC refuses to grant relief to CFA Institute

NEW DELHI: The Delhi High Court on Monday refused interim relief to US-based Chartered Financial Analyst Institute on its petition seeking permission to receive applications from candidates for the CFA examinations to be conducted in December 2007.

"In view of the opposition by AICTE and ICFAI University, I am of the opinion that no orders are called for at this stage," Justice S Ravinder Bhatt said.

The CFA Institute had contended that if students were not allowed to fill up examination form by August 15, they would have to pay an additional 85 dollar as late fee apart from the actual fee of $370 and $390 as a registration fee.

However, the court said if CFA wins the case, the differential amount will be compensated by All India Council for Technical Education (AICTE) and domestic institute ICFAI.

"...If the petitioner (CFA) succeeds in the case equities will be balanced by AICTE and ICFAI," Bhatt said.

The CFA Institute had moved an application seeking modification of High Court's order dated May 31 which had allowed it to conduct examination in June but made it clear it would not carry out other activities as per the order passed by AICTE on May 18.

The institute had filed a petition, which is pending in the court and will come up for hearing on September 6, seeking quashing of technical education regulator AICTE's directive restraining its operations in the country.