Dec 31, 2022

GIFT – IFSCA Permits Entry of Foreign Universities and Educational Institutions

The International Financial Services Centre Authority (‘IFSCA’) by a Notification dated October 11, 2022 introduced the IFSCA (Setting up and Operation of International Branch Campuses and Offshore Education Centers) Regulations, 2022 (‘Regulations’), paving way for the setup of foreign universities and foreign educational institutions in India for the first time. Regulations are applicable to ‘Foreign University’, a university established outside India, accredited to award degree for courses in permissible subject areas, or a ‘Foreign Educational Institution’ authorised to offer courses in permissible subject areas, seeking registration to set up International Branch Campus (‘IBC’) or an Offshore Educational Centre (‘OEC’), on a stand-alone basis in Gujarat International Finance Tec-City (‘GIFT IFSC’). Permissible subject areas include research programmes in financial management, financial technology, science, technology, engineering and mathematics. The Regulations remain unclear on certain aspects, including, application of domestic laws to the IBC/ OEC in GIFT IFSC, registration process and implementation of a dispute resolution policy. Amendments to the Regulations, clarifying these issues is awaited.




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