I called them up yesterday. They said that our application reaches the CFAi and the local society at the same time and the approval process happnes simultaneously. So, all application that were submitted before last week (when the board met) would be sent back to CFAI by the end of this week at the latest. Lets wait it out another couple of days and see.
I am in an unique situation right now. In the midst of a multistage research associate recruitment process, I would love to have the initials. Hopefully, that can give me the edge.