Now CAs can also do CFA
After nearly two decades, the Institute of Chartered Financial
Analysts of India (ICFAI) has won the `chartered’ row against the ICAI
(Institute of Chartered Accountants of India).
In a decision dated May 16, the apex court ruled in favour of
the Hyderabad-based ICFAI, by setting aside an earlier verdict of the
Andhra Pradesh High Court, which had allowed the ICAI to prohibit its
members from using the description `Chartered Financial Analyst’ or its
abbreviation, CFA.
The dispute goes back to the late 1980s when the ICAI, the
premier accounting body headquartered in New Delhi, initiated action
under the Monopolies and Restrictive Trade Practices (MRTP) Act against
the ICFAI, after having obtained the opinion of the Additional
Solicitor General of India in this regard.