The Hindu Business Line : CFA Institute refunds Rs 9 cr in exam fees

Chennai, Aug. 3 The CFA Institute has announced that it has refunded more than $2.3 million (Rs 9.2 crore) in fees to those candidates who chose not to appear for the June 2007 examinations in India or who travelled to a test centre outside the country India to take the CFA examination.

In total, more than 3,200 candidates will receive total refund of examination fees for choosing not to sit for the exam, while more than 600 candidates will receive partial refund for travelling outside, a release said.

Registration and enrolment fees ranging from $370 to $1,155 were refunded to candidates who chose not to take the exam in June.

Candidates who travelled to a test centre outside India received $300 in refund, a reimbursement in consideration of the cost, inconvenience and disruption caused by the situation.

Further, refunds have been made to candidates who had purchased the CFA examination curriculum or CFA Program sample exams.

The institute has notified the affected candidates of the refunds by e-mail and requested that they watch their credit card statements carefully for credit confirmation, a process that could take several weeks.

The decision to refund the fees, in part or full, comes on the heels of the All-India Council for Technical Education (AICTE) concluding in May that the CFA Institute needed its approval to conduct the CFA Program in India and that it must cease all CFA Program operations in the country.

The release said that though the institute believes the AICTE decision is incorrect and that it should not be required to obtain AICTE approval to operate the CFA Program in India, it recognises the AICTE’s authority and will continue to abide by all legal requirements while actively pursuing the resumption of the CFA Program in India.