The International Financial Services Centres Authority (IFSCA) on October 12, 2022, publishes International Financial Services Centres Authority (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022.
The objectives of the regulation are-
•Gujarat International Finance Tec International Financial Services Centre (GIFT IFSC) to enable foreign universities to establish International Branch Campuses (IBC) either on a stand-alone basis or in any other format that the authority may authorise.
•Enabling the establishment of an offshore educational centre (OFC) in the Gujarat International Finance Tec International Financial Services Centre (GIFT IFSC) by a foreign educational institution other than a foreign university.
•To establish the GIFT IFSC as a global educational hub offering the aforementioned disciplines to both Indian and international students.
•To promote research in the areas of banking, insurance, capital markets, funds management, fintech, longevity finance, sustainable finance, quantum computing, etc. in order to supply top-tier human resources in the financial, technological, and associated industries.
•To guarantee top-notch instruction in Gujarat International Finance Tec International Financial Services Centre (GIFT IFSC) and protect the interests of the student community enrolling in such programmes there.
The following details are specified in the regulation-
•Under the regulation research programmes in financial management, fintech, science, technology, engineering, and mathematics are permissible subjects and shall be permitted in Gujarat International Finance Tec International Financial Services Centre (GIFT IFSC).
•The eligibility, application for registration, and procedure for grant of registration are specified in the regulation.
•Violation of these regulations may attract appropriate enforcement action including suspension, cancellation of registration, and imposition of penalty by the authority.
•Maintenance of accounts and annual reports by the International Branch Campuses (IBC) or offshore educational centre (OEC) as may be specified by the authority.
These regulations will come into force on October 12, 2022.
[Notification No. IFSCA/2022-23/GN/REG027]
