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22 Points
Joined July 2009
Although a bit outdated.. this may be of help... . This was in The Financial Express
ICFAI university challenges US institute in Guwahati HC
Posted: 2007-03-23 00:20:03+05:30 IST
Updated: Mar 23, 2007 at 0020 hrs IST
Kolkata, Mar 22: The battle between Institute of Chartered Financial Analysts of India (IFCAI) and the CFA Institute of the US over the term "chartered financial analyst" has shifted from Delhi to Tripura.
The Guwahati high court, acting on a plea by the ICFAI University, has asked the human resource development ministry and the All India Council for Technical Education to check out the ICFAI's claim that the CFA Institute cannot operate in India.
The court has also directed the trademark authorities in India not to register any trademarks of the American institute.
ICFAI has urged the court to restrain the US institute from operating in India including issuing advertisements, conducting examinations and awarding certificates.
The Charlottesville, US-based CFA Institute, which has more than 84,000 members and 69,600 charter holders across 128 countries and territories, says its CFA "credential" is not based on a course or programme of technical education and is neither a diploma nor degree.
ICFAI's challenge comes after the Delhi High Court's interim order in August last year, asking it to stop using the "chartered financial analyst" and CFA trademarks by the end of the current academic session of the institute.
The Delhi high court is to give judgment by the end of this month.
The order has recognised that the CFA Institute has exclusive ownership rights to the Chartered Financial Analyst and CFA trademarks.
A director of a global accountancy major said, " both the courses are good but I am not sure how far is it apt to use the word charter in these courses as it connotes the Queen's charter in England".
Way back in 1989, the Institute of Chartered Accountants of India had told its members that any links with the ICFAI, then new on the scene, would attract charges of professional misconduct.
The CFA is now the new kid on the block, and enrolled 4,672 students for the CFA exam in fiscal 2006 (sitting for the December 2005 and June 2006 exams), an increase of 95% on the figure for the previous year.
A spokesperson for the CFA Institute, replying via email, said the ICFAI is trying to confuse the public and distract attention from the Delhi High Court's interim injunction order.
Further, she said, as a global voluntary membership association of investment professionals, CFA Institute is not considered a foreign university or institution.
She said it is a professional credential that is voluntarily pursued by tens of thousands of individuals.