ICFAI IS KING OF FREUDS... CHECK THIS ARTICLE FROM DNA...

MUMBAI: The Indian upstart has managed to displace the American major. No, we are not talking about Infosys buying out Microsoft, but the Institute of Chartered Financial Analysts of India (ICFAI) getting the Chartered Financial Analyst (CFA) Institute to leave India.

The CFA institute was founded way back in 1947 in the US. Inspired by the success of the programme, a few IIM, Bangalore, professors, set up ICFAI and started offering the CFA degree in India. This degree did not have any connection with the CFA institute, though it did use the same name.

The CFA filed a case against ICFAI in 1997. In August, 2006, the Delhi high court gave a decision asking ICFAI to drop CFA from its name by May, 2007. ICFAI stopped offering the CFA course a few years ago and replaced it with an MS-Finance degree. In March, 2007, almost two months before the May, 2007, deadline, ICFAI filed a case in the Guwahati high court, claiming that the CFA institute was running an unapproved technical programme. On directions from the court, the All India Council for Technical Education (AICTE) asked the CFA institute to cease operation in India with immediate effect. The premise was that any foreign university/institution imparting technical institution in India has to have clearance from AICTE.

“A writ petition has been filed whereby the CFA institute has requested the Supreme Court to at least allow the institute to conduct an exam scheduled for June 3, 2007,” says a source close to the develo ment.

“The ICFAI itself does not have an AICTE accreditation for most of its technical programmes. This is a clear attempt by ICFAI to protect its business interests more than anything else,” says a CFA who was unwilling to named. In fact, a whole lot of ICFAI- run institutes are on the list of unapproved institutions running technical programmes without AICTE approval”.

This list is available on www.aicte.ernet.in. The list includes a few engineering colleges and business schools run by ICFAI.

“ICFAI has been offering the CFA programme since 1985, which was recognised by AICTE in 1990. Other programmes are offered by ICFAI University, which don’t require recognition from AICTE, but from UGC.“Most of the original founders have left ICFAI by now, disillusioned by the way it is being run, having essentially been converted into money-making machine. Some time back, Besant Raj, who was the founder chairman and chancellor of one of the universities established by ICFAI, also quit,” says a source close to ICFAI. The institute, since its inception, has largely been run by the low profile Yasaswy, who is a member of the board of governors of ICFAI.

U r wrong dear

first know ICFAI and then commit anything.