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IFSC’s foreign universities out of UGC, AICTE ambit

The finance ministry has said courses in financial management, fintech, science, technology, engineering and mathematics offered by foreign institutions in the International Financial Services Centres (IFSCs) would be outside the ambit of certain provisions of the University Grants Commission Act and the All India Council for Technical Education Act.

In a notification, the department of economic affairs said the regulatory ambit of the IFSC Authority (IFSCA) will be “limited to terms and conditions of establishment, including reporting requirements and administrative functioning of such foreign universities or foreign institutions”. “…the regulatory framework of the respective home country shall apply in all academic matters, such as curriculum, faculty, admission criteria or process and academic collaborations, etc,” it added.

The notification comes into effect from May 24.

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