New Delhi: US-Based Chartered Financial Analyst Institute (CFAI) which has been working in India since 1993, has received a notice from the All India Council for Technical Education (AICTE) to cease all its functions immediately as it has failed to follow the AICTE regulations.

The notice which was send to CFAI by the Agartala Bench of Guwahati High Court said, "Since your institution has failed to obtain mandatory approval from AICTE under the regulations notified by the council, the council has no option but to initiate necessary action against your institution. You are therefore advised to cease the operation of your institution in respect of conduct of CFA program in India with immediate effect. The authorities concerned, including state governments/UTs are being advised to take appropriate measures to shut down operation of your institution by invoking provision of civil and criminal laws applicable in such cases."

The case was filed by the Institute for Chartered Financial Analyst University, Tripura. A written petition was filed by the institute which questioned the functioning of a foreign institute in India therefore breaking AICTE regulations.

CFAI has sent emails to all students giving the offer that they can take a refund, and appear for the subsequent exam or sit for the June exam from a different location.

CFAI has branches in around 134 countries. Mr. Bala Chandra, Consultant at CFAI said, "Since AICTE has served the notice just two weeks ahead of the exams, CFAI will approach the Delhi High Court for allowing us to conduct the exam in June."