The CFA Program in India

 

General Updates

 

4 February 2009 Update

 

The hearing for the appeal by CFA Institute to resume holding CFA Program examinations in India began on 1 December 2008, and is continuing. The next hearing is scheduled for 6 March. Our legal team continues to make every effort to resolve this issue.

 

9 October 2008 Update

 

While we do not have any updates on the legal situation, we want to update you on an important internal decision regarding the CFA exam. After a careful evaluation, we have concluded that we will not open test centers in India for the December 2008 CFA exam even if permitted to do so by the Delhi High Court.

 

Given the number of candidates from India (over 6,000), administrative logistics, and the complexities of preparing and holding locations in India — along with the need to maintain the integrity of the examination process and the CFA Program itself — we determined that making this final decision now was the most prudent course.

 

Moreover, we strongly feel that this decision is in the best interests of you, the candidate. It will enable us to focus on providing you with a high-quality exam experience, and will enable you to focus on preparing for the exam without distractions.

 

We are communicating this decision now so you can finalize your travel plans. As always, you can return to this page for updated information on the legal situation.

 

29 September 2008 Update

 

The hearing for the appeal by CFA Institute to resume operating the CFA Program in India has been rescheduled to 23 October 2008. Candidates may continue to register to take the exams at test centers outside of India.

 

2 June Update

We will open a test center in Mumbai for the 8 June 2008 CFA exam.

 

We understand that many candidates have made travel plans and will prefer to take the exam at their planned location. If you are already confirmed to take the exam at a location outside of India, you are still permitted to take the exam at your planned location.

 

However, if you wish to take the CFA exam at the Mumbai test center on Sunday, 8 June 2008, please report to the venue by 8:00 a.m. with your current June exam admission ticket. You do not need a new exam admission ticket. All registered candidates from India holding a June 2008 admission ticket will be accepted at the Mumbai test center. Remember to bring your government-issued photo ID.

 

The test center is located at:

Thakur College of Engineering & Technology

Shyamnarayan Thakur Marg

Thakur Village, Western Express Highway,

Kandivli (E),

Mumbai 400 101

 

Candidates choosing to take the exam at the Mumbai test center must report to the Thakur College of Engineering and Technology lobby on the ground floor to be directed to their room assignments. We advise you to arrive early to ensure timely check-in on exam morning.

 

Please note that lunch options are limited and you may wish to consider bringing your own lunch.

 

To repeat the important note of caution from our previous message: There may be some remaining risks to consider. For example, although we believe it to be unlikely, the court decision permitting us to administer the exam in India could be reversed by the Supreme Court of India before 8 June. Further, the court ruling states that “the examination is subject to the result of the appeal” by CFA Institute to resume operating the CFA Program in India. Final hearing for the appeal is set for 25 August 2008.  

 

If you have any questions, please contact us.

 

28 May Update 

On 27 May 2008, a division bench of the Delhi High Court stayed the AICTE order against CFA Institute, and is permitting us to hold the 8 June CFA exam in India. We are working hard to make logistical arrangements to hold the exam in Mumbai.

 

If you are confirmed to take the 8 June exam at a location outside of India, you will certainly be able to sit at your selected location outside of India. Nonetheless, if you are interested in taking the exam in Mumbai, I strongly recommend that you do not change your travel plans yet. We will contact you by end of day on 4 June (U.S. time) at the latest with additional information. If we have any information earlier, we will update you immediately. Please check this page and your e-mail regularly.

 

Important word of caution: Even if we are able to administer the 8 June exam in Mumbai, there may be some remaining risks to consider. For example, although we believe it to be unlikely, the court decision permitting us to administer the exam in India could be reversed by the Supreme Court of India before 8 June. Further, if the exam takes place in Mumbai, the court ruling states that “the examination is subject to the result of the appeal” by CFA Institute to resume operating the CFA Program in India. Final hearing for the appeal is set for 25 August.  

 

Again, please do not alter any travel plans yet. We will update you as soon as we have more information.

 

27 May Update

We have learned that a Division Bench of the Delhi High Court has stayed the All India Council for Technical Education order against CFA Institute. This means that we are permitted to give the CFA examination at centers in India.

 

As there are just days before the 8 June 2008 CFA exams, we are actively studying the potential option of holding those exams in Mumbai in addition to the test centers already established in other countries.

 

Candidates who have registered to take the June and December 2008 exams outside of India should not change their plans or travel schedules. We will update candidates as soon as we have more information.

 

24 January Update
As you know, because the CFA Program is not registered with the AICTE, CFA Institute has not been accepting CFA Program registrations from within India. Earlier this month, we met with the AICTE in order to understand our options, and we have now submitted our application to the AICTE. While our application is under consideration, we will continue to work with them to resume conducting the CFA exam at test centers in India. 

 

We will now permit people within India to enroll in the CFA Program and register to sit for the June and December 2008 exams at test centers outside of India. We have revised our online registration process to reflect this availability. Again, we emphasize that we have not received approval from AICTE to offer the CFA exams at test centers in India, but people within India may select from more than 175 test centers around the world.

 

Thank you for your patience, good faith, and dedication to the CFA Program.

 

26 December Update

We have now received an uncertified copy of the written opinion (PDF) of the Delhi High Court dismissing our writ petition against the AICTE’s 18 May 2007 order. While we are still quite disappointed in the result, we have been carefully reviewing it to determine our future course of action in India. 

 

CFA Institute is reaching out to the AICTE to apply for registration of the CFA Program in India. We look forward to working with the AICTE to ensure candidates can resume their career development and pursuit of the CFA designation. At the same time, we are also considering an appeal of the decision in order to preserve important legal rights. 

 

Unfortunately, at this time we are still unable to accept exam registrations from candidates within India. As always, we will continue to provide updates and additional information on this web page.

 

19 December Update

Dear Colleagues,

 

We are disappointed to inform you that the Delhi High Court ruled against CFA Institute in its case against the AICTE.

 

We feel the ruling is not in the best interests of those who are interested in earning the CFA designation, Indian employers, and the Indian investment community.

 

We continue to review the court’s written opinion to evaluate our position and determine our future course of action. We understand that is a confusing situation; we will continue to post updates to this site as they become available.