ICFAI Vs ICAI
The Institute of Chartered Accountants of India (ICAI) imposed restrictions on its members on the use of the designation of `CFA' awarded by the Institute of Chartered Financial Analysts of India (ICFAI).
The ICAI notification issued on August 3, 1989 says that "if any member of ICAI, i.e. any Chartered Accountant, who obtained the qualification of Chartered Financial Analyst on or after January 1, 1990, or has obtained the said qualification earlier did not surrender the same before the said date, would be held guilty of professional misconduct under the provisions of the Chartered Accountants (CA) Act."
The ICFAI and others filed petitions in the Andhra Pradesh High Court challenging the notification. A single judge and a Division Bench dismissed them. The present appeal is directed against this judgment. ICFAI assailed the notification contending that it was violative of a person's fundamental right to practise any profession guaranteed under Article 19 (1) (g) of the Constitution.
On May 16, 2007 the above notification was quashed by The Honourable Supreme Court of India.
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