Foreign universities or foreign institutions operating in IFSC will not be subject to UGC Act or AICTE Act

The Ministry of Finance, Department of Economic Affairs vide Notification No. S.O. 2265(E) dated 24.05.2023 has stated that financial services provided by courses offered in Financial Management, FinTech, Science, Technology, Engineering and Mathematics by foreign universities or foreign institutions in the International Financial Services Centres (IFSC) would be outside the purview of University Grants Commission (UGC) Act, 1956 and All India Council for Technical Education (AICTE) Act, 1987.
Further, the notification provides the following clarification:

• The International Financial Services Centres Authority (IFSCA) regulatory ambit shall be limited to terms and conditions for establishment, reporting requirements and administrative functioning.
• All academic matters like curriculum, faculty, admission criteria/process etc. will be governed by the regulatory framework of the respective home country of the foreign university or foreign institution.
• For the purpose of according academic equivalence in India to the qualifications awarded by such foreign universities or foreign institutions in the IFSC, requirements of Association of Indian Universities or other agencies vested with such responsibility shall be applicable.