The International Financial Services Centres Authority on 11th October 2022, published the International Financial Services Centres Authority (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022 which shall be applicable to an International Branch Campus (“IBC”) or an Offshore Educational Centre (“OEC”) of a Foreign University or a Foreign Educational Institution respectively, seeking registration under these regulations.
The Objective of this regulation is to enable Foreign Universities to establish International Branch Campuses in GIFT International Financial Services Centre (hereinafter referred to as the GIFT IFSC) either on stand-alone basis, or in such other form as may be permitted by the Authority and to make the GIFT IFSC an international educational centre catering to both Indian and foreign students in the specified disciplines and 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.
The Courses including research programmes in Financial Management, FinTech, Science, Technology, Engineering and Mathematics shall be permitted in GIFT IFSC.
Any course or programme conducted by a registered entity in the GIFT IFSC shall be identical in all respects with the course or programme conducted by the Parent Entity in its home jurisdiction and identical degree, diploma or certificate shall be conferred upon the students of the IBC or OEC directly by the Parent Entity in the same manner as it confers to its students for the same course or programme in its home jurisdiction.
Provided that IBC or OEC may make modifications in the approved course curriculum or content with prior intimation to the Authority, if the same is necessitated due to the change effected in the course offered by the Parent Entity.
Provided further that any modification in the course curriculum or content vis-à-vis course offered by the Parent Entity in its home jurisdiction shall be carried out with prior approval of academic council, syndicate or any other competent body, by whatever name called, of the Parent Entity and shall be effected only after intimation to the Authority.
