The notification exempts specific financial services offered by foreign universities or institutions in International Financial Services Centres (IFSCs) from the purview of the University Grants Commission (UGC) Act, 1956 and the All India Council for Technical Education (AICTE) Act, 1987.
The exemption applies to courses in Financial Management, FinTech, Science, Technology, Engineering, and Mathematics (STEM) offered by foreign universities or foreign institutions within IFSCs.
Key Changes
The University Grants Commission Act, 1956 will not be applicable to the specified financial services.
The All India Council for Technical Education Act, 1987 will not be applicable to the specified financial services.
The regulatory authority of the International Financial Services Centres Authority (IFSCA) is limited to establishment terms, reporting, and administrative functions of foreign universities/institutions.
Academic matters such as curriculum, faculty, admissions will be governed by the regulatory framework of the foreign university/institution's home country.
Recognition of courses for equivalence in India will be subject to the requirements of the Association of Indian Universities (AIU) or other agencies responsible for academic equivalence.
The notification is effective from the date of its publication in the Official Gazette, which is May 24, 2023.
Impact Analysis
Foreign Universities/Institutions in IFSCs
Action Item: Engage with the Association of Indian Universities (AIU) or other relevant agencies to ensure course recognition and equivalence in India.
Students
Action Item: Verify the recognition and equivalence of courses with AIU or other relevant agencies before enrolment, if planning to use the qualification in India.
Association of Indian Universities (AIU) and other Equivalence Agencies
Action Item: Develop clear guidelines and processes for assessing the equivalence of qualifications from foreign universities/institutions operating in IFSCs.
International Financial Services Centres Authority (IFSCA)
Action Item: Establish clear guidelines and processes for the establishment, reporting, and administrative functions of foreign universities/institutions within IFSCs.
Key Entities Referenced
University Grants Commission (UGC): A statutory body responsible for the coordination, determination and maintenance of standards of university education in India. The UGC Act, 1956 will not apply to specified financial services in IFSCs.
All India Council for Technical Education (AICTE): A statutory body responsible for the planning, formulation and maintenance of norms and standards, quality assurance, funding in priority areas, monitoring and evaluation, maintaining parity of certification and awards and ensuring the coordinated and integrated development and management of technical education in the country. The AICTE Act, 1987 will not apply to specified financial services in IFSCs.
International Financial Services Centres Authority (IFSCA): The unified regulator for the development and regulation of financial institutions, financial services and financial products in the International Financial Services Centres (IFSCs) in India.
International Financial Services Centres (IFSCs): Special economic zones in India that aim to provide a world-class financial ecosystem, offering a range of financial services to both domestic and international clients.
Association of Indian Universities (AIU): An organization that serves as an inter-university organization and a forum for universities in India to share information and collaborate on common issues. It is responsible for granting equivalence to degrees and diplomas awarded by foreign universities.
International Financial Services Centres Authority Act, 2019 (50 of 2019): The Act that established the International Financial Services Centres Authority (IFSCA).
University Grants Commission Act, 1956 (3 of 1956): The Act that established the University Grants Commission (UGC).
All India Council For Technical Education Act, 1987 (52 of 1987): The Act that established the All India Council for Technical Education (AICTE).
Notification S.O.2374(E) dated the 23rd May 2022: Notification of the Government of India in the Ministry of Finance, Department of Economic Affairs published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section(ii) dated the 24th May 2022, which specifies the financial service to which this notification relates.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-24052023-246030
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CG-DL-E-24052023-246030
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 2171] नई दिल्ली, बुधिार, मई 24, 2023/ज्य ष्े ठ 3, 1945
No. 2171] NEW DELHI, WEDNESDAY, MAY 24, 2023/JYAISHTHA 3, 1945
जित्त मत्रं ालय
(आर्थकि काय िजिभाग)
अजधसचू ना
नई दिल्ली, 24 मई, 2023
का.आ. 2265(अ).—केंद्रीय सरकार अतं रािष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019 (2019 का 50)
की धारा 31 की उप-धारा (1) के खंड (क) द्वारा प्रित्त िजियों का प्रयोग करते हुए जनिेजित करती ह ै दक जिश्वजिद्यालय
अनुिान आयोग अजधजनयम, 1956 (1956 का 3) तथा अजखल भारतीय तकनीकी जिक्षा पररषि अजधजनयम, 1987
(1987 का 52) जनम्नजलजखत जित्तीय सेिाओं पर लाग ू नहीं होंगे िो जित्त मंत्रालय ,आर्थिक कायि जिभाग म ें भारत के
रािपत्र, आसाधारण, भाग II, खंड-3, उप खंड (ii) तारीख 24 मई, 2022 म ें प्रकाजित की गयी अजधसूचना
का.आ. 2374(अ) तारीख 23 मई, 2022 में जनर्िष्टि ह ै:- अथाित
जित्तीय सेिा:
अंतराष्ट्रि ीय जित्तीय सेिा केंद्र म ें जििेिी संस्ट्थाओं सजहत जिििे ी जिश्वजिद्यालयों द्वारा जित्तीय प्रबंधन, दिनटेक, जिज्ञान,
प्रौद्योजगकी, इंिीजनयररंग और गजणत में प्रस्ट्तुत पाठ्यक्रमों से संबंजधत हैं ।
स्ट्पष्टीकरण - िंकाओं को िरू करने के जलए यह स्ट्पष्ट दकया िाता ह ैदक -
3281 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(i) इस प्राजधकरण का जिजनयामक क्षत्रे ररपोर्टिंग अपेक्षाओं सजहत स्ट्थापन जनबंधनों और ितो तथा जििेिी संस्ट्थाओं सजहत
ऐसे जििेिी जिश्वजिद्यालयों के प्रिासजनक कृत्य तक सीजमत होंग े और उसके अपन े सम्बंजधत ििे जिजनयामक का जिजनयमन
ढांचा सभी िैक्षजणक मामलों, िैसे पाठ्यक्रम, संकाय, प्रिेि मानिंड और प्रदक्रया, िैक्षजणक सहयोग आदि पैर लाग ुहोगा।
(ii) अंतराष्ट्रीय जित्तीय सेिा केंद्र में ऐसे जििेिी जिश्वजिद्यालय या जििेिी संस्ट्थाओं द्वारा प्रस्ट्तुत पाठ्यक्रम की मान्यता
भारत म ें उनकी समतुल्यता के प्रयोिन के जलए, भारतीय जिश्वजिद्यालय के संघ या ऐसे जििेिी जिश्वजिद्यालयों या जििेिी
संस्ट्थानों द्वारा प्रिान की गयी अहतािओं के जलए िैक्षजणक समतुल्यता के अनुसार अन्य एिेंजसयों म ें जनजहत उत्तरिाजयत्ि की
अपेक्षाओं के अध्यधीन होगी।
2. यह अजधसूचना रािपत्र म ेंप्रकािन की तारीख स ेप्रिृत्त होगी ।
[िा. स.ं 3/4/2022-इम-भाग(1)]
सुरजभ िैन, संयक्ु त सजचि
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 23rd May 2022, published
in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section(ii) dated the 24th May 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.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.