Icfai moots for council to regulate CFA profession

New Delhi, Mar 11 (UNI) The Institute of Chartered Financial Analysts (Icfai) and Council for Chartered Financial Analysts (CCFA) have demanded that the government set up a new council to regulate the CFA profession.

CCFA has submitted a draft bill with the Finance Ministry demanding an appropriate legislation to establish the Chartered Financial Analysts (CFA) on statutory guidelines.

The Chartered Financial Analysts Bill proposes constitution of the council which will regulate the profession.

''As the work of CFAs mainly revolves around the investment industry and millions of investors participate, directly or indirectly, in the capital markets, there is a strong need to establish the CFA profession on statutory lines to protect the investors' interest,'' the institution said.

The bill also proposes constitution of a board of governors of the council for managing it. In the management structure envisaged in the draft bill the central government will play an important role with six nominees on the board.

It also proposed two nominees from SEBI, one from RBI, one from IRDA and two from stock exchanges like BSE and NSE.

In addition there will be 24 persons elected by the CFA members.

Icfai has been offering the Chartered Financial Analyst Program, based on contemporary theory and practice. CCFA is the membership body of CFAs and its alumni network exceeds 4,000.

UNI