ICFAI files contempt application against CFA in Delhi HC

The ICFAI University has filed a contempt application in the Delhi High Court against US-based Chartered Financial Analyst Institute alleging violation of a Delhi High Court's order which had restricted it from enrolling students for the course.     

ICFAI alleged that the US-based institute is registering new students and pressed for issuance of notice. However, the court said the matter would be taken up for hearing with the main petition filed by CFA challenging the single bench order disallowing it from conducting examinations in India.     

However, counsel for CFA submitted that they are not violating court's order and only registering students outside India.     

The division bench comprising Chief Justice A P Shah and Justice S Murlidhar, after hearing brief arguments, said the contempt application will be taken up for hearing along with the main petition on September 29.     

On May 27 this year, the High court had allowed CFA to conduct June examination in India but prohibited it from registering new students.     

Earlier, the CFA Institute had moved the high court seeking quashing of technical education regulator AICTE's order on ICFAI's appeal directing the US-based institute to end its India operations with immediate effect.     

A single bench of the High Court dismissed CFA's petition seeking continuance of operations in India leaving in balance the fate of about 7,000 students enrolled with it.

CFA has been conducting the exam  for the past 20 years.