The International Financial Services Centres Authority (IFSCA) has recently issued a circular aimed at enhancing academic infrastructure at the GIFT IFSC. The circular is issued under the IFSCA (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022 (Regulations), which enables reputed foreign universities to establish International Branch Campuses (IBCs) or Offshore Educational Centres (OECs) at GIFT IFSC for offering academic programs.
The Regulations define IBCs under Regulation 3(v) to mean a campus set up as a branch by a Foreign University on stand-alone basis, or in such other form as may be permitted by the IFSCA in the GIFT IFSC for the purpose of delivering courses including research programmes in the permissible subject areas, that are duly accredited under the relevant framework in their respective home jurisdiction, and is registered with the IFSCA; Moreover, OEC is defined under Regulation 3(vi) to mean a centre set up as a branch by a Foreign Educational Institution (other than a Foreign University) in the GIFT IFSC on stand-alone basis or in such other form as may be permitted by the IFSCA for the purpose of delivering courses including research programmes in the permissible subject areas, that are duly accredited under the relevant framework in their respective home jurisdiction, and is registered with the IFSCA;
The present circular specifies conditions for IBCs and OECs to avail infrastructure and support services from Academic Infrastructure Service Providers (AISPs). While AISPs adhere to SEZ Act 2005 and related regulations, the circular governs the AISP – IBC / OEC relationship solely for Campus Infrastructure Services.
AISPs provide services such as campus facilities, research and development, libraries, laboratories, incubation centers, teaching classrooms, and related services. They may also provide incidental support services, including campus facility management, student onboarding, admissions, student welfare, recruitment, branding, marketing, payroll, and more.
However, AISPs must be incorporated as a separate company in GIFT SEZ, maintaining a minimum net worth of 1 million USD, and having at least three years of prior experience in providing similar services to recognized institutions. The circular also enumerates obligation on the IBCs / OECs availing AISP services to must comply with formal written agreements covering various aspects, submit copies to the Authority, and ensure the protection of student interests. Further, Academic functions must not be outsourced to AISPs.
The International Financial Services Centres Authority Circular is available on their website and is also enclosed below.
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