chandsingh

well news for all of you guys,
I sent the same query to CFA guys and just got response from their side which I am posting here and yes what Bexter told in the starting Ethics is deciding criteria of passing for borderline students.
Dear Mr. Bhatia,
Thank you for contacting us. The Board of Governors instituted a policy many years ago to place particular emphasis on ethics. Starting with the 1996 exams, the performance on the ethics section became a factor in the pass/fail decision for candidates whose total scores bordered the minimum passing score. The ethics adjustment can have a positive or negative impact on these candidates’ final results.
CFA Institute has a policy of not releasing either the minimum passing score or individual candidate scores. Consequently, CFA Institute does not release specific information about the ethics adjustment or the candidates who were affected. The adjustment has had a net positive effect on candidate scores (and thus pass rates) in most exam sessions. The published pass rates therefore always take into account the ethics adjustment for borderline candidates.