IFSCA has issued FAQs on IFSCA IBC and OEC Regulations, 2022. The IFSCA regulations aim to enable foreign universities and educational institutions to establish International Branch Campuses (IBC) and Offshore Education Centres (OEC) in the GIFT International Financial Services Centre (GIFT IFSC), providing high-quality education and research opportunities.
Key Points:
Purpose: The regulations aim to allow foreign universities and educational institutions to set up campuses in GIFT IFSC, promoting high-quality education and research in areas like financial management, fintech, STEM, etc.
Eligibility for Foreign Universities: Must be ranked within the top 500 in the QS World University Rankings (either globally or by subject).
Eligibility for Foreign Educational Institutions: Should be recognized as a reputable institution in its home jurisdiction.
Course Offerings: Foreign institutions can offer courses in financial management, fintech, STEM fields, and research programs.
Application Process: Institutions must submit an application to the IFSCA with necessary documentation such as academic plans, infrastructure details, and a commitment to maintaining academic quality.
Registration Approval: After review, the IFSCA grants an initial 180-day approval to set up the infrastructure and engage faculty. Full registration is granted after fulfilling the requirements.
Fees:
Application Fee: $1,000
Initial Registration Fee: $25,000
Annual Fee: $10,000 (from the second year)
Processing Fee for Relaxation Requests: $10,000
Modification of Curriculum: Allowed as long as it aligns with changes from the parent institution, is approved by the academic authority of the parent entity, and is notified to IFSCA.
Student Protection: Courses cannot be discontinued without IFSCA approval. If a course is discontinued, students must be given alternative arrangements.
Currency for Transactions: All transactions must be in foreign currency, but administrative expenses can be in Indian Rupees via a Special Non-Resident Rupee account.
Violations: If regulations are violated, IFSCA can suspend, cancel, or refuse registration renewal, and impose penalties.
Promotional Activities: IBCs and OECs cannot engage in promotional activities outside GIFT IFSC on behalf of the parent entity.
Reporting Requirements: Institutions must maintain proper records and submit annual reports detailing operations and financials.
Profit Repatriation: Parent institutions can repatriate profits without restrictions.
Compliance: IFSCA ensures compliance through regular inspections and appointing an Inspecting Authority when necessary.