CFA Institute in India

Frequently Asked Questions (FAQs)

 

 


 

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.

 

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.

  

Can I register for the CFA Program and sit for the exam if I do not live or work within India?

Yes. The court order currently prohibits us from operating the CFA Program in India, so we are unable to accept registrations from anyone in that country. The court order does not affect anyone outside of India. Indian nationals living outside of India may register for and take the exams outside of India.

  

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.

 

Can I enroll in the December 2007 exams in India?
No. Due to ongoing legal proceedings concerning the CFA Program in India, CFA Institute is currently unable to accept registrations from Indian candidates wishing to write the Level I examination being conducted in December 2007, even if they want to sit for the exam outside of India.

 

However, we are actively pursuing our legal remedies, and will keep you informed of any further developments. Please visit our India web pages for the latest updates.

 

I never received the official announcement. Where can I read that letter?

We are posting all information updates to our India web pages.

 

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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