New Delhi, July 1: The International Financial Services Centres Authority (IFSCA) has drafted regulations to develop a comprehensive and consistent regulatory framework for establishment of International Branch Campuses (IBC) and Offshore Education Centres (OEC) by Foreign universities or foreign institutions in the GIFT IFSC and is seeking public comments regarding them.
The draft regulations aim to enable world-class foreign universities or other foreign educational institutions. To set up IBCs or OECs in the GIFT IFSC for offering courses or programmes in the subject areas of Financial Management, FinTech, Science, Technology, Engineering and Mathematics.
The draft regulations enable foreign universities to establish IBC in IFSC. Either on stand-alone basis, or on consortium basis with more than one foreign university coming together. Or on stand-alone (single foreign university) or consortium basis (more than one foreign university coming together). In partnership with one or more Indian university, deemed university or institution of national importance, an official statement said on Friday.
IFSCA drafts regulations
The said draft regulations also provide for collaborative arrangements with one or more foreign university or foreign education institution or one or more domestic universities or deemed universities or institutions of national importance or other Indian educational institutions in areas such as course administration, providing infrastructural facilities, contribution towards minimum capitalization, co-investment, etc.
The registration of IBC/OEC is provided to conduct educational and research courses. Including executive education programmes in the GIFT IFSC. And the regulations are intended to be the sole legal framework governing the establishment and operation of foreign universities or foreign educational institutions in the GIFT IFSC.
For the purpose of license, the Foreign Universities having secured a position. Within Top 500 in the latest QS World Universities ranking and Foreign Educational Institutions (other than universities). Which are highly rated within the home jurisdiction. As well as regionally or globally are only allowed to maintain the high standards.
Further to confer equivalence in course recognition a provision is made wherein. The degree or/diploma or/ certificate issued with respect to courses or programmes conducted. In the IFSC will enjoy the same recognition in the home jurisdiction of the parent entity. As if it were conducted in the home jurisdiction, the statement added.