TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022
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.... Educational Institution other than a Foreign University to establish an Offshore Educational Centre in the GIFT IFSC. c. To make the GIFT IFSC an international educational centre catering to both Indian and foreign students in the specified disciplines. d. To encourage research in Banking, Insurance, Capital Market, Funds Management, FinTech, Longevity Finance, Sustainable Finance, Quantum Computing, etc., to provide high-end human resources in finance, technology and related fields. e. To encourage executive education in the specified disciplines and related areas. f. To ensure world-class education in GIFT IFSC. g. To safeguard the interests of the student community pursuing such courses in GIFT IFSC. h. To put in place an objective and transparent process for registration of a Foreign University/ Foreign Educational Institution for offering courses including research programmes in the permissible subject areas and executive education programmes, that are accredited in their respective home jurisdiction, and duly recognized by the Authority for being offered in the GIFT IFSC. 1. Short title and commencement: (1) T....
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....nt Entity or Applicant" shall mean the Foreign University or a Foreign Educational Institution that intends to establish and operate an IBC or OEC, as the case may be, in the GIFT IFSC. (viii) "QS world university ranking" refers to the annual publication of university rankings by QS Quacquarelli Symonds Ltd. and for the purpose of these regulations, only the University's 'global overall ranking' and / or the 'subject rankings' shall be considered. (2) The words 'IBC or OEC', used in these regulations, shall be construed as "IBC or OEC, as the case may be". (3) Words and expressions used and not defined in these regulations but defined in the Act or Acts mentioned in the First Schedule to the Act, or any rules or regulations made thereunder, shall have the same meanings respectively assigned to them in those Acts, rules or regulations or any statutory modification or re-enactment thereto, as the case may be. 4. Permissible Subject Areas Courses including research programmes in Financial Management, FinTech, Science, Technology, Engineering and Mathematics shall be permitted in GIFT IFSC. 5. Eligibility (1) In case the Applicant is a Fore....
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.... (2) Based on the recommendations of the Committee of Experts, the Authority may upon its satisfaction, at first instance, grant in-principle approval to the Applicant giving it one hundred and eighty (180) days' time to set up all required infrastructure and engage necessary manpower etc. Provided that if an applicant is not able to set up the required infrastructure and /or engage necessary manpower etc. within the specified period of one hundred and eighty (180) days, it may, before expiry of such period, but at least seven (7) days in advance, make an application, for extension of time, to the Chairperson of the Authority. (3) On receipt of the application, if satisfied with the reasons for delay, the Chairperson may extend the period for not more than Ninety (90) days; Provided that an application for extension of date beyond the period referred in sub-regulation (3), shall be entertained only with the approval of the Board of the Authority. (4) The Authority on being satisfied that the applicant fulfills all the conditions for the grant of registration, may issue a Certificate of Registration with or without conditions. (5) ....
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....followed by the IBC or OEC shall be identical and similar to that of process followed by the Applicant and any relaxation or deviation from it shall require prior approval of the Authority, subject to adequate justification. (4) The policies and internal regulations of the IBC or OEC, in relation to the student complaint and grievance redressal shall be in accordance with the approved policy of the Applicant. (5) The IBC or an OEC shall undergo quality assurance audit as specified, and submit the report to the Authority at the time of renewal of registration. (6) All activities conducted by IBC or OEC shall be in accordance with the Applicant's mission, vision and objectives. (7) All marketing communications or advertisements placed by the IBC or OEC shall be factual with accurate mentions of the roles and purpose of accreditations and shall not be misleading or exaggerated. (8) The IBC or OEC shall adhere to dispute resolution policy as specified by the Authority. 11. Action in case of default Violation of these regulations may attract appropriate enforcement action including suspension, cancellation of registration and/or imposit....