The Ministry of Finance (MoF) on May 24, 2023, issued a notification to direct that the University Grants Commission Act, 1956, and the All India Council for Technical Education Act, 1987 shall not apply to the financial service specified in the notification number S.O.2374(E) dated May 23, 2022.
The following financial services have been stated:
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 the 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 the 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.
This notification shall come into force on May 24, 2024.
