ICFAI, having been embroiled in a long legal battle with the CFA Institute, focused its energy on developing private universities, some of which have AICTE recognition along with UGC recognition. ICFAI has focussed all its energies away from developing its CFA charter like giving it statutory recognition increasing its status as a high status profession like that of CA from ICAI, which was announced by the governing member NJ Yeshasway who vowed to take up the CFA Charter a notch above the legendary CA exam considered to be the toughest in the realm of finance, but instead has opened a host of non-CFA programs like MBA, ICFAI Business Schools (IBS), PG Programs which have scaled up into national top 10 place in India. It has also opened schools for under graduate programs and offering degrees. Indian CFAs pass with a stringent eligibility to qualify as CFAs but have only a niche finance sector as the job market unlike CA which has traditional roles of Auditing and taxation along with statutory roles.