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CFA Institute in India

Frequently Asked Questions (FAQs)

 

 

 

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.”  Nonetheless, ICFAI claims that the ICFAI University, Tripura is an independent entity, free to violate our trademark rights despite the injunction. We have 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.”  The ads from ICFAI and its sponsored universities will be exhibits in our proceedings before the Delhi High Court.

 

Read the full text of the injunction (PDF)

  

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. On the other hand, 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.

 

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. All candidates in India registering to sit for the June or December 2008 exams must select a test center outside of India at the time of registration.

 

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 not currently offering CFA exam centers in India. Candidates in India may select from any of more than 175 test centers worldwide. View a complete listing of all test centers for June 2008 (PDF) and December 2008 (PDF), including many in the Asia Pacific and Middle East regions. 

 

Can investment professionals in India earn the CFA charter?

Yes. At present investment professionals in India must earn the CFA charter by taking exams outside India. Upon completion of all requirements, they become charterholder members of CFA Institute and earn the right to use the CFA designation.

 

Is there an injunction against ICFAI in the United States?

Yes. The 1998 injunction issued by a United States federal court was reinstated on 4 September 2007 (PDF). In May 2007, the injunction was vacated because it appeared to the judge that he did not have personal jurisdiction over ICFAI at the time of the original judgment in 1998. CFA Institute filed a motion to reconsider that decision, and the judge agreed with our arguments and reinstated the 1998 injunction against ICFAI. As a result, ICFAI, including its members and students, is required to abide by its 1995 agreement to stop using CFA Institute trademarks in the United States.

  

What is CFA Institute doing to oppose this decision?

After conferring with Indian legal counsel and reviewing the applicable law, CFA Institute is convinced that the AICTE decision is incorrect, and CFA Institute should not be required to obtain AICTE approval to operate in India. Nonetheless, we recognize the authority of the AICTE and we will abide by all legal requirements. A formal response to the AICTE letter has been sent to the AICTE Chairman. CFA Institute filed a writ petition with the Delhi High Court requesting an immediate stay or reversal of the AICTE decision. On 31 May, the Delhi High Court allowed us to administer the exams in India on 3 June 2007. The next hearing in the matter is set for 6 September.

 

How can I get more information?

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

 

Is the Icfai affiliated with CFA Institute?

No. The Icfai is not affiliated with CFA Institute in any way. The "CFA diploma" from the 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 the 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 the Icfai?

CFA Institute is currently engaged in litigation in India seeking an order prohibiting the 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 the 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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