“The power to relax the FCA is not vested with the Chairman as no resolution to this effect has been passed to the Chairman. Therefore the action of the Chairman in relaxing the FCA as CFA/ICWAI for grant of appointment to the unofficial Respondent is without jurisdiction and an arbitrary action, and is also contrary to law,” Justice T. Amarnath Gaur observed on 1 September. Said in his order to 2021.
The matter reached Telangana high Court On a long-contested issue in which the insurance regulator promoted Mamta Suri as chief general manager instead of promoting S Jaisimhan. The High Court order termed Suri’s promotion from 2014 as illegal, and asked IRDAI to, inter alia, remove ICWAI and CFA as qualifications in the finance and investment streams. Inter-CA, ACA, and FCA and not CFA as eligible qualification.
CFA is a course offered by ICFAI or Institute of Chartered Financial Analyst of India. This course is offered to provide Investment and Financial Management, whereas FCA stands for ACA qualification acquired by an Associate Chartered Accountant after five years of practice as an Accountant.
“The appointment of the second respondent (Mamata Suri) is illegal as her qualification is CFA and also because as on 23.10.2013, the date of issue of the notification, the Non-amended Executive Rules 2009 were in force, which the High Court in its order held That said, only FCA determines as the qualifying qualification for the post of Senior Joint Director.
Since Jaisimhan is the only person eligible for the said vacancy as FCA, the Respondent shall consider the case of the petitioner in the vacancy of Senior Joint Director with all consequential benefits, the order of the High Court said.
“The Chairman of the Recruitment Committee is not the authority under IRDAI guidelines but is only one of the other members of the Committee and the power to relax FCA is not vested with the Chairman as no resolution to this effect has been passed to the Chairman, “in order to do.