ICFAI vs ICAI - Supreme Court Case
Institute of Chartered Financial Analysts of India & Ors vs Council of the Institute of Chartered Accountants of India - Supreme Court Case Summary of Leading Case -
On 16th May, 2007, a two Judges Bench in Institute of Chartered Financial Analysts of India & Ors vs Council of the Institute of Chartered Accountants of India & Ors [Civil Appeal No.6835 of 2000] vide two separate but concurring judgments set aside the notification dated 3rd August, 1989 issued by Respondent No.1 which prescribed that if any member of the RespondentInstitute i.e. any Chartered Accountant, who obtained the qualification of the Chartered Financial Analyst (CFA) on or after 1st January, 1990; or having obtained the said qualification earlier did not surrender the same before the said date, would be held to be guilty of professional misconduct in terms of the provisions of the Chartered Accountants Act, 1949. The notification was held to be violative of Articles 14 and 19(1)(g) of the Constitution and was thereby quashed.