Ministry of Finance Exempts Foreign Universities from UGC and AICTE Acts in International Financial Services Centres
Ministry of Finance, Department of Economic Affairs, has issued a notification stating that the University Grants Commission Act, 1956, and the All India Council For Technical Education Act, 1987, will not apply to financial services related to courses offered in Financial Management, FinTech, Science, Technology, Engineering, and Mathematics by foreign universities or institutions in the International Financial Services Centres. (IFSCs)
The notification clarifies that the regulatory authority’s scope will be limited to establishment terms and conditions, while academic matters such as curriculum, faculty, and admissions will be governed by the respective home country’s regulatory framework. The recognition of these foreign universities’ courses will be subject to the requirements of the Association of Indian Universities or other relevant agencies responsible for accrediting foreign qualifications. The notification will be effective from the date of its publication in the Official Gazette.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 24th May, 2023
S.O. 2265(E).—In exercise of the powers conferred by clause (a) of sub-section (1) of section 31 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the Central Government directs that the University Grants Commission Act, 1956 (3 of 1956) and the All India Council For Technical Education Act, 1987 (52 of 1987) shall not apply to the following financial service specified in the notification of the Government of India in the Ministry of Finance, Department of Economic Affairs number S.O.2374(E) dated the 23rdMay 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section(ii) dated the 24thMay 2022, namely:-
financial service:
courses offered in Financial Management, FinTech, Science, Technology, Engineering and Mathematics by foreign universities or foreign institutions in the International Financial Services Centres.
Explanation – For the removal of doubts, it is hereby clarified-
(i) that the regulatory ambit of the Authority shall be limited to terms and conditions of establishment including reporting requirements and administrative functioning of such foreign universities or foreign institutions and the regulatory framework of the respective home country shall apply in all academic matters such as curriculum, faculty, admission criteria or process, academic collaborations etc.;
(ii) that the recognition of courses offered by such foreign universities or foreign institutions in the International Financial Services Centre, for the purpose of their equivalence in India, shall be subject to the requirements of Association of Indian Universities or other agencies vested with the responsibility of according academic equivalence to the qualifications awarded by such foreign universities or foreign institutions.
2. This notification shall come into force on the date of publication in the Official Gazette.
[F. No. 3/4/2022-EM-(Part (1)]
SURBHI JAIN, Jt. Secy.
