International Financial Services Centres Authority (IFSCA) has introduced the “Setting up and Operation of International Branch Campuses and Offshore Education Centres Regulations, 2022.” These regulations empower esteemed foreign universities and educational institutions to establish International Branch Campuses (IBCs) or Offshore Education Centers (OECs) in the GIFT International Financial Services Centre (GIFT IFSC), offering academic courses in permissible subject areas.
Foreign universities and educational institutions has expressed a need for a robust framework that facilitates the provision of infrastructure and support services in GIFT IFSC. Such services are envisioned to streamline the establishment of IBCs/OECs by offering comprehensive end-to-end campus infrastructure facilities. To operationalize this vision, a circular has been issued, outlining conditions for IBCs and/or OECs to avail themselves of infrastructure and support services from Academic Infrastructure Service Providers (AISPs).
Understanding the Framework:
The circular defines Academic Infrastructure Service Providers as entities providing a spectrum of services to IBCs/OECs, encompassing built-up campus facilities, research and development spaces, libraries, laboratories, incubation centers, teaching classrooms, and related services. Moreover, IBCs/OECs have the flexibility to obtain additional support services such as campus facility management, student onboarding, admissions and welfare services, recruitment and management of non-academic staff, branding and marketing, payroll services, and other ancillary services, subject to necessary approvals.
Eligibility Conditions:
The eligibility criteria for AISPs include incorporation as a separate entity in GIFT SEZ, a minimum net worth of 1 million USD, and a track record of at least three years in providing similar services to recognized universities or educational institutions.
Obligations and Safeguards:
IBCs and/or OECs availing services from AISPs are obligated to enter into formal written agreements covering various aspects, including indemnity, intellectual property protection, conflict of interest, financial guarantees, confidentiality, and dispute resolution mechanisms. These agreements also need to ensure a smooth transition in case of termination, safeguarding the interests of students and other stakeholders.
The IBCs/OECs are prohibited from outsourcing their academic functions directly or indirectly to AISPs, ensuring the sanctity of the educational process.
This regulatory initiative, approved by the Competent Authority, marks a pivotal moment in the evolution of GIFT IFSC as a hub for global education. The circular is available on the IFSCA website, underscoring transparency and accessibility in the regulatory framework. As GIFT IFSC opens its doors to international educational excellence, the collaboration between IBCs/OECs and AISPs is poised to redefine the landscape of global higher education.
