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Over 4,000 candidates who have obtained CFA charter from ICFAI can apply for jobs now in the US, Canada

Hyderabad May 26 The Hyderabad-based Institute of Chartered Financial Analysts of India (ICFAI) has derived an advantage in its legal battle against CFA Institute, USA pertaining to the use of its Chartered Financial Analyst (CFA) charter in the US and Canada.

A District Court of the Eastern District of Virginia recently vacated an injunction obtained by the CFA Institute in a default judgment in October 1998 prohibiting the use of ICFAI's CFA charter in the US and Canada, Mr S.K. Sharma, Director, ICFAI told Business Line here.

In view of the vacation of injunction, over 4,000 candidates who obtained CFA charter from ICFAI are now eligible to apply for jobs in the US and Canada.

"Further, ICFAI can market its CFA programme in the US and Canada through Internet and other means. The CFA charter holders would also have a wider job market in the US before them," he said.

"In 1998, we could not represent ourselves in the court due to the problems associated with the use of foreign exchange. However, as we are in a position to deal with legal issues outside India due to the financial comfort, we recently moved the court to reopen the case and to vacate the injunction as the court lacked jurisdiction over ICFAI at the time of the default judgment," Mr Sharma said.

CFA can appeal

However, the case is not yet closed. "As the case is reopened on our request, the CFA Institute can appeal again or move a higher court. But we do not have any information in this regard so far," Mr Sharma said.

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