CFA begins refund of exam fees

The US-based Chartered Financial Analyst (CFA) Institute has begun refunding the examination fee of candidates who were unable to take the CFA exam held in India on June 3.

The refund will be in full, including the registration fee, exam fee and curriculum fee that the institute collected from all the candidates.

While the level I students paid a total fee of around Rs 31,000 ($760), the level II and III students shelled out around Rs 18,000 ($440).

The institute will also refund up to $300 towards travel expenses for the candidates who took the exam outside India. This refund, however, would be done at a later date, the institute said in a release.

While the actual figures are not available, of the 7,000 students registered with the CFA institute in India, around 1,500 students are likely to get the examination fee refund.

Around 4,000 students are estimated to have taken the examination. Besides, the approximately 1,500 students who are said to have taken the exams at locations outside India "" Kathmandu, Dhaka, Colombo, Singapore, Thailand, Hong Kong and the United Arab Emirates "" would get their travel expenses refunded up to a limit of $300.

In May this year, the All India Council for Technical Education (AICTE) had issued a notice to the CFA institute asking it to stop its operations in India with immediate effect since it did not have permission from the regulating body to operate in India.