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The Rajiv Gandhi Fintech Digital Institute Act, 2023

[19 of 2023]

[18th August 2023]

An Act to provide for the establishment of the Rajiv Gandhi Fintech Digital Institute at Jodhpur in the State of Rajasthan and for matters connected therewith or incidental thereto.

Whereas, it is expedient to establish and incorporate an autonomous degree awarding Centre of higher learning in collaboration with the Industry partners under Public-Private Partnership mode in the State, as an institution of future importance and having the status of a university, with a view to award degrees in various disciplines and to develop new knowledge in Fintech and to provide skilled manpower of global standards for the Fintech industry.

Be it enacted by the Rajasthan State Legislature in the Seventy-fourth Year of the Republic of India, as follows:-

CHAPTER 1 Preliminary

Section - 1. Short title, extent and commencement

(1) This Act may be called the Rajiv Gandhi Fintech Digital Institute Act, 2023.

(2) It shall extend to the whole of the State of Rajasthan.

(3) It shall come into force at once.

Section - 2. Definitions

In this Act, unless the context otherwise requires,-

(a) "Board" means the Governing Board of the Institute;

(b) "Chairperson" means the Chairperson of the Governing Board of the Institute referred to in section 8;

(c) "Dean" means the Dean who shall be the in-charge of the academic activities of the Institute appointed under section 13;

(d) "Director" means the Director of the Institute appointed under section 10;

(e) "Disruptive Technology/Emerging Technology" means the upcoming technological advances in Financial Technology Industries/ Sector;

(f) "employee" means any person appointed by the Institute and includes a teacher or Faculty member, an administrative staff, an engineer, or any other member of the staff of the Institute;

(g) "Faculty member or Faculty" means a Professor, Associate Professor, Assistant Professor from the academic track and/or Professors of Practice/Professionals from the Industry track or a person employed or engaged by the Institute for imparting education or training or guiding or conducting research in the Institute, either on the permanent basis or contractual basis and includes the Dean(s) and the Director;

(h) "Finance Officer" means the Finance Officer of the Institute appointed under section 14;

(i) "Fintech" means computer programs and other technology used to support or enable banking and financial services;

(j) "fund" means the fund of the Institute maintained under section 25;

(k) "Industry partner" means an individual, or a trust established under the Indian Trusts Act, 1882 (Central Act No. 2 of 1882), or a company established under the Companies Act, 2013 (Central Act No. 18 of 2013), or society formed and registered under the Societies Registration Act, 1860 (Central Act No. 21 of 1860), or a Partnership Firm registered under the Indian Partnership Act, 1932 (Central Act No. IX of 1932), or a financial institution or a combination of one or more of such industry partners;

(l) "Institute" means the Rajiv Gandhi Fintech Digital Institute, a degree awarding autonomous centre of higher learning, having the status of a university established under section 3;

(m) "NIRF" means the National Institutional Ranking Framework approved by Ministry of Human Resource Development and accepted by the Ministry of Education, Government of India as the ranking framework for various universities and academic institutions;

(n) "prescribed" means prescribed by regulations or rules as the case may be;

(o) "Public-Private Partnership" means such partnership under a scheme of the State Government which provides for establishment of Institute involving collaboration between the State Government and Industry partners;

(p) "Registrar" means the Registrar of the Institute appointed under section 12;

(q) "regulations" means the regulations of the Institute made under section 32;

(r) "rules" means the rules made under this Act;

(s) "State" means the State of Rajasthan; and

(t) "UGC" means the University Grants Commission established under section 4 of the University Grants Commission Act, 1956 (Central Act No. 3 of 1956).

CHAPTER 2 The Institute

Section - 3. Establishment and incorporation of the Institute

(1) There shall be established at Jodhpur an Institute called the Rajiv Gandhi Fintech Digital Institute.

(2) The Institute shall be a body corporate having perpetual succession and a common seal and shall sue and be sued by the said name.

(3) The Institute shall function as a University established under the State Act, open to industry partnership on a Public-Private Partnership mode.

(4) The Institute shall, strive to identify industry partners for collaboration and, develop a detailed proposal for Public-Private Partnership.

Section - 4. Institute open to all classes and creed

The Institute shall be open to all persons irrespective of sex, race, creed or class, and it shall not be lawful for the Institute to adopt or impose on any person any test whatsoever of religious belief or profession or political opinion to entitle him to be appointed as a teacher of the Institute or to hold any other office therein or to be admitted as a student of the Institute, or to enjoy or exercise any privilege thereof:

Provided that reservation on the posts for recruitment of the employees and reservation of seats for admission in any course of study for the students, belonging to the Scheduled Castes, Scheduled Tribes, Backward Classes, More Backward Classes, Economically Weaker Sections, Women and Handicapped Persons and other categories of candidates as specified by the State Government from time to time shall be regulated by the laws and orders of the State Government for the time being in force.

Section - 5. Objects of the Institute

The objects of the Institute shall be,-

i. to offer academic programmes for advanced knowledge in Fintech and to award degrees, diplomas and certificates on successful completion of the programmes;

ii. to create an institute that will create a talent pool for next-generation technologies in Financial Sector through Industry-Academia collaborations, Research and Innovation for publications and intellectual property rights;

iii. to develop a system that promotes entrepreneurship, incubates Fintech Startups, enhances the chances of employment of the students and aims to provide gainful employment opportunities to the eligible students of the Institute;

iv. to develop a Global Centre for Emerging Technology for inclusive and innovative growth and development;

v. to assist the State emerge as a hub for Fintech research and anchor growth of Fintech in the region;

vi. to create a transformative industry-academia experience for students focused on Disruptive Technology in financial sector, problem solving and technology leadership;

vii. to cultivate a diverse and transformative community committed to collaborating and engage diverse world-class talent; and

viii. to create an ecosystem for collaboration and exchange of ideas, where cutting-edge research, creativity, innovation, and entrepreneurship may flourish.

Section - 6. Powers and functions of the Institute

(1) The powers and functions of the Institute shall be,-

(a) to institute teaching and training in certificate, undergraduate, postgraduate and super-speciality branches of financial technologies and allied sciences and to make provisions for research and for the advancement and dissemination of knowledge in such branches;

(b) to institute and award degrees, diplomas, certificates and other academic distinctions;

(c) to admit students to the various courses of study and to conduct examinations or tests and lay down conditions in respect thereof;

(d) to hold examinations for and to grant and confer degrees, diplomas and others academic distinctions to and on persons-

(i) who have pursued a course of study; or

(ii) who have carried on research in/with the Institute;

(e) to create, in association with the industry, a robust ecosystem for, enhancing the employability of the students enrolled in the regular programmes and, providing gainful employment opportunities to each eligible student of the Institute;

(f) to institute and award scholarships, fellowships (including travelling fellowship), studentships, stipends, medals and prizes following the regulations;

(g) to establish, maintain and administer centres of teaching and research, centres of excellence, libraries;

(h) to fix and collect fees and other charges;

(i) to create teaching, administrative, ministerial, technical and other necessary posts as required and make appointments thereto;

(j) to undertake publication of works of merit and research;

(k) to function as an industry-sponsored research centre;

(l) to deal with property belonging to, or vested in the Institute in any manner which is considered necessary for promoting its objects;

(m) to cooperate or collaborate with other institutions both national and international, in conduct of higher education and research in financial technologies and allied fields; and

(n) to do any other act or thing, as may be necessary in order to further the objects of the Institute:

Provided that the Institute -

(i) shall not transfer any immovable property of the Institute by way of mortgage, sale, exchange, gift or otherwise except with the previous sanction of the State Government; and

(ii) shall not create any post in the Institute except with the prior approval of the State Government or except in accordance with any general or special order of the State Government.

(2) The Institute may, with prior approval of the Governing Board, appoint teaching and non-teaching staff from both academia and industry, either on a permanent or contractual basis. The Institute may also outsource certain activities and facilities as may be deemed fit by the Governing Board.

(3) The pay and other allowances to various categories of employees of the Institute shall be such as may be determined from time to time by the Governing Board on suggestions by the Selection Committee in concurrence of the Finance and Procurement Committee.

CHAPTER 3 Officers of the Institute

Section - 7. Officers of the Institute

The following shall be the officers of the Institute, namely:-

(a) the Chairperson of the Institute;

(b) the Director;

(d) the Dean;

(e) the Finance Officer; and

(f) such other officers as may be prescribed by the regulations.

Section - 8. Chairperson

(1) An eminent person from the industry or academia shall be the Chairperson of the Institute and shall also be the Chairperson of the Governing Board.

(2) The appointment of the Chairperson shall be on the basis of nomination by the State Government.

(3) The term of office of the Chairperson shall be three years.

Section - 9. Powers and functions of the Chairperson

(1) The powers and functions of the Chairperson shall be,

(a) to ensure that the administration of the affairs of the Institute are being conducted in accordance with the provisions of this Act and the regulations and to take such steps, as he deems fit;

(b) to call for such information or records relating to the administration of the affairs of the Institute;

(c) to review the academic progress of the Institute and to ensure whether the same is aligned with the objects of the Institute;

(d) to help the Institute in establishing linkages with leading players from related industry and world-renowned academic institutions;

(e) to include in the agenda at any time before or during a meeting, fresh items of business or items supplementary to those included in the agenda for consideration; and

(f) to exercise such other powers and perform such other functions, as may be prescribed under the regulations or may be delegated to him by the Governing Board.

(2) The Chairperson may delegate any of his powers to the Director of the Institute.

(3) The Chairperson shall preside over the meetings of the Board of the Institute.

(4) The meetings of the Institute shall be convened as per the directions of the Chairperson.

Section - 10. The Founding Director and Director

(1) The founding Director of the Institute shall be nominated by the State Government from among the best talents from academia or industry. The founding Director of the institute shall be appointed for a period of three years from the date of the appointment.

(2) The post of the Director of the Institute shall be filled by public advertisement, followed by an interview process. The Director shall be appointed by the Chairperson on the recommendation of a Selection Committee consisting of,-

(a) Chairperson of the Institute -Ex-officio Chairperson;

(b) Secretary to the Government in-charge of the Department of Information Technology and Communication -Ex-officio Member;

(c) three experts from Industry or Academia - who are already part of the Governing Board to be nominated by the Chairperson of the Institute - Ex-officio Members;

(d) two experts each, from the industry and academia to be nominated by the State Government -Members.

Explanation.- For the purposes of this sub-section, the expression "Secretary to the Government in-charge" means the Secretary to the Government in-charge of a department and includes an Additional Chief Secretary and a Principal Secretary when he is in-charge of that department.

(3) (a) Only such person shall be eligible for the appointment to the office of the Director with a Ph.D. or equivalent high level academic/industry achievement with a distinguished career in academia and/or industry, having experience as per UGC guidelines of institution building and who has made a significant contribution to the field of knowledge and practice through high quality refereed publications, patents and policy impact.

(b) The Director shall hold office for a term of five years from the date he enters upon his office or till he attains the age of seventy years, whichever is earlier:

Provided that the same person shall be eligible for reappointment for a second term.

(4) The Director may in writing under his hand addressed to the Chairperson resign from his office and shall cease to hold his office on the acceptance thereof by the Chairperson.

(5) The Selection Committee shall, as far as may be, at least ninety days before the date on which a vacancy in the office of the Director is due to occur by reason of expiry of term or resignation under sub-section (4) and also whenever so required and before such date as may be specified by the Chairperson, submit to the Chairperson the names of not less than three persons to hold the office of the Director. While submitting the names, the Committee shall also forward to the Chairperson a concise statement showing the qualifications of each of the persons so recommended but shall not indicate any order of preference.

(6) Where the Chairperson does not consider any one or more of persons recommended by the Selection Committee to be suitable for appointment as the Director or if one or more of the persons recommended is / are not available for appointment and the choice for the post of the Director is restricted to less than three persons, he may require the Committee to submit a list of fresh names in accordance with the provisions of sub-section (3).

(7) No act or proceeding of the Committee shall be invalidated merely by reason of the existence of a vacancy or vacancies among its members or by reason of some person having taken part in the proceeding who is subsequently found not to have been entitled to do so.

(8) In any of the following circumstances (of the existence of which the Chairperson shall be the sole judge), the Chairperson may, for reasons to be recorded in writing, appoint any suitable person to the office of the Director for a term not exceeding six months as he may specify:-

(a) where the vacancy in the office of the Director occurs and it cannot be conveniently and expeditiously filled in accordance with the provisions of sub-sections (1) to (6); or

(b) any other emergency.

(9) In the absence of the Director, the senior-most Professor of the Institute shall discharge the duties of the Director.

(10) Subject to the provisions of this Act, the emoluments and other conditions of service of the Director shall be such as may be determined by the regulations of the Institute and approved by the Governing Board by general or special order in that behalf.

(11) The Board may remove from office the Director, who-

(a) has been adjudged as an insolvent; or

(b) has been convicted of an offence which, in the opinion of the Board, involves moral turpitude; or

(d) has acquired such financial or other interest as is likely to affect prejudicially his function as a Director; or

(e) has so abused his position or so conducted himself as to render his continuance in office prejudicial to the public interest:

Provided that the Director shall not be removed from office except by an order made by the Board, after an enquiry instituted by it in which the Director has been informed of the charges against him and given a reasonable opportunity of being heard in respect of those charges.

Section - 11. Powers and functions of the Founding Director and Director

(1) The founding Director/Director shall be the principal executive and academic officer of the Institute.

(2) Without prejudice to the generality of the provisions contained in sub-section (1), the Director,-

(a) shall in the absence of the Chairperson, preside over the meetings;

(b) shall exercise general supervision and control over the affairs of the Institute;

(d) shall ensure implementation of the decisions of the authorities of the Institute;

(e) shall be responsible for collaborations with the industry for course curricula creation and real-time revision, along with offering gainful employment opportunities for the eligible, regular students of the Institute;

(f) shall be responsible for the faculty development initiatives of the Institute;

(g) shall be responsible for imparting of instructions and maintenance of discipline in the Institute;

(h) may engage, with the approval of the Board, any person for a period not exceeding three years for such purpose as may be necessary in the interest of the Institute;

(i) shall be responsible for real-time academic/institutional monitoring on quality parameters;

(j) shall be responsible for preparation of Institutional Development Plan (IDP) for each academic year and align with Sustainable Development Goals; and

(k) shall be responsible for sourcing funds from sources such as Corporate Social Responsibility (CSR) funding, sponsored research, industry collaboration, joint certifications etc.

(3) Where any matter is of urgent nature requiring immediate action and the same cannot be immediately dealt with by any officer or authority of the Institute, empowered by or under this Act to deal with it, the Director may take such action, as he may deem fit and shall forthwith report the action taken by him to the Chairperson and also to the officer or authority who in the ordinary course, would have dealt with the matter:

Provided that if such officer or authority is of opinion that such action ought not to have been taken by the Director, it may refer the matter to the Chairperson who may either confirm the action taken by the Director or annul the same or modify it in such manner, as he thinks fit, and thereupon it shall cease to have effect or shall take effect in the modified form, as the case may be:

Provided further that such annulment or modification, as is referred to in the preceding proviso shall be without prejudice to the validity of anything previously done by or under the order of the Director.

(4) The Director shall exercise such other powers and perform such other functions as may be assigned to him by the Chairperson of the Board or any other authority.

(5) The Director shall be responsible to conduct and manage all matters relating to the Institute.

Section - 12. The Registrar

(1) The Registrar shall be the Chief Administrative Officer of the Institute. He shall work directly under the superintendence, direction and control of the Director.

(2) Notwithstanding anything contained in this Act or any other law for the time being in force, the Registrar shall be appointed either by the State Government on deputation from amongst the officers of the Rajasthan Administrative Service (not below supertime scale) or through public advertisement as may be prescribed by the regulations, followed by an interview process conducted by a Selection Committee consisting of -

(a) Director -Ex-officio Chairperson;

(b) Secretary to the Government in-charge of the Department of Information Technology and Communication - Ex-officio Member; and

(3) The Registrar shall be a whole-time officer of the Institute. The terms and conditions of service of the Registrar shall be such as may be prescribed by the regulations.

(4) The Registrar shall-

(a) comply with all directions and orders of the Governing Board and the Director;

(b) be the custodian of the records, common seal and such other property of the Institute as the Governing Board may commit to his charge. He shall be exofficio Member-Secretary of the Board. He shall place before the Board and Academic Council all such information as may be necessary for the transaction of its business. He shall receive applications for entrance to the Institute and shall keep a permanent record of all syllabi, curricula and such other information as may be deemed necessary;

(c) keep the minutes of all meetings of the Governing Board, the Academic Council, the Finance and Procurement Committee, the Faculties, and any Committee appointed by any authority of the Institute;

(d) conduct the official correspondence of the Governing Board and the Academic Council;

(e) call a meeting of the Governing Board forthwith in an emergency, when neither the Chairperson nor the officer duly authorized are able to act and to take its directions for carrying on the work of the Institute;

(f) be directly responsible to the Director for the proper discharge of his duties and functions; and

(g) perform such other duties as may be assigned to him by the Governing Board or the Director from time to time.

(5) In the event of the post of the Registrar remaining vacant for any reason it shall be open to the Director to authorize any officer in the service of the Institute to exercise such powers and perform such functions and duties of the Registrar, as the Director deems fit.

Section - 13. Dean

(1) There shall be a Dean of the Institute, whom the Board shall appoint from amongst the senior professors of the Institute. He shall hold office for three years and may be eligible for re-appointment.

(2) The Dean shall assist the Director in academic affairs of the Institute and shall exercise such powers and perform such functions as may be prescribed by the regulations.

Section - 14. Finance Officer

(1) There shall be a Finance Officer for the Institute, whom the Director shall appoint upon recommendation of the Governing Board, and his remuneration and allowances shall be such as may be prescribed by the regulations.

(2) Notwithstanding anything contained in this Act or any other law for the time being in force, the Finance Officer shall be appointed either by the State Government on deputation from amongst the officers of the Rajasthan Accounts Service (not below supertime scale) or through public advertisement as may be prescribed by the regulations, followed by an interview process conducted by a Selection Committee under section 12 and the position may also be filled on a Fixed Term Contract basis.

(3) The Finance Officer shall have the following duties, namely:-

(a) to ensure that no expenditure is incurred by the Institute which has not been authorised in the budget;

(b) to disallow any proposed expenditure which may contravene the provisions of this Act or the regulations made thereunder;

(c) to ensure that no financial irregularity is committed and to take steps to setright any irregularity pointed out during audit or appeared otherwise;

(d) to ensure that the property and investments of the Institute are duly preserved and managed; and

(e) to perform such other functions as may be assigned to him by the Chairperson or Governing Board.

(4) The Finance Officer shall have access to and may require the production of such records and documents of the Institute and the furnishing of such information pertaining to its affairs, as in his opinion may be necessary for the discharge of his duties.

(5) Other powers and functions of the Finance Officer shall be such as may be prescribed by the regulations.

CHAPTER 4 Authorities of the Institute

Section - 15. Authorities of the Institute

The following shall be the authorities of the Institute, namely:-

(a) Governing Board;

(b) Academic Council;

(d) Admission Committee;

(e) Examination Committee;

(f) Selection Committee;

(g) Outreach and Industry Alliances Committee; and

(h) such other authorities as may be prescribed by the regulations to be the authorities of the Institute.

Section - 16. Governing Board

(1) The Governing Board shall be the principal governing body of the Institute and shall consist of -

(a) Chairperson of the Institute -Ex-officio Chairperson;

(b) Secretary to the Government in-charge of the Department of Finance - Ex-officio Member;

(c) Secretary to the Government in-charge of the Department of Information Technology and Communication - Ex-officio Member;

(d) two Directors/Vice-Chancellors from Institutes/Universities having consistent overall NIRF-100 ranking to be nominated by Chairperson of the Institute on recommendation made by the State Government - Ex-officio Member;

(e) three eminent personalities from Finance/Information Technology/Telecom sector to be nominated by Chairperson of the Institute on recommendation made by the State Government - Members;

(f) three eminent personalities from Industry or Academia to be nominated by Chairperson of the Institute on recommendation made by the State Government - Members;

(g) the Director - Ex-officio Member;

(h) the Registrar - Ex-officio Member Secretary; and

(i) the Dean - Ex-officio Member.

(2) The term of office of an ex-officio member shall continue so long as he holds the office by virtue of which he is a member.

(3) The term of office of a member nominated under clauses (e) and (f) of sub-section (1) shall be two years from the date of his nomination.

(4) The term of office of a member nominated to fill a casual vacancy shall continue for the remainder of the term of the member in whose place he has been nominated.

(5) The Board shall meet at least once in three months at such time and place as the Chairperson may from time to time determine.

(6) The procedure to be followed by the Board for the transaction of business in any meeting or otherwise or in the exercise of its powers or performance of its functions shall be such as may be prescribed by the rules.

(7) Subject to such control and restrictions as may be prescribed by the rules, the Board may constitute such committees, as it thinks fit, for exercising any power or performing any function under this Act.

Section - 17. Powers and functions of the Board

(1) Save as otherwise provided in this Act, the Board shall be responsible for the general superintendence, direction and control of the affairs of the Institute.

(2) Without prejudice to the provisions of sub-section (1), the Board-

(a) shall take steps for the implementation of the decisions of the Institute on matters of policy relating to the administration of the affairs and working of the Institute;

(b) shall institute courses of study at the Institute aligned with the changing needs of the industry and take decisions on the advice of the Academic Council on all academic matters including matters relating to the examinations conducted by the Institute;

(d) shall hold and control the property and funds of the Institute;

(e) may acquire any movable or immovable property on behalf of the Institute;

(f) shall administer any fund placed at the disposal of the Institute for specific purposes;

(g) may create or abolish posts of teachers and other employees of the Institute;

(h) may manage and regulate the finances, accounts, investments, property, business and all other administrative affairs of the Institute and for that purpose, appoint such agent as it may think fit;

(i) may invest any money belonging to the Institute (including any income from endowed property) in such stocks, funds, shares or securities as it from time to time, thinks fit;

(j) may enter into, vary, carry-out and cancel contracts on behalf of the Institute; and

(k) may make other decisions in the interest of the Institute on matters not inconsistent with the provisions of this Act or the regulations made thereunder.

Section - 18. The Academic Council

(1) The Academic Council shall consist of-

(a) the Director -Ex-officio Chairperson;

(b) the Registrar - Ex-officio Member;

(d) all Heads of teaching departments - Ex-officio Members;

(e) three persons from Finance/Information Technology/ Telecom sector to be nominated by the Chairperson on recommendation by the State Government -Members; and

(f) three eminent academics from India or abroad to be nominated by the Chairperson on recommendation by State Government -Members.

(2) The Academic Council shall perform the following functions, namely:-

(a) to prepare and to recommend changes in curricula and syllabi for the courses of study for the various departments;

(b) to ensure that the courses are industry-ready and are executed in close collaboration with industry;

(d) to ensure that the courses offered are utilising the relaxation and development in online/digital learning;

(e) to enable personalized learning with career counselling support;

(f) to enable formative assessments across all courses;

(g) to make arrangement for the conduct of examinations;

(h) to make recommendations on academic matters in connection with the working of the departments;

(i) to appoint sub-committees from amongst the members of the Academic Council, other teachers of the Institute and experts from outside on such specific matters as may be referred to such sub-committee by the Academic Council;

(j) to consider the recommendations of the sub-committees and take such action as circumstances of each case may require including making of suitable recommendations to the Board;

(k) to make periodic review of the activities of the departments and if necessary, make suitable recommendations to the Board;

(l) to advise on the working of library, laboratories and the research centres etc.;

(m) to promote research within the Institute and foster the culture of ideateinvent-implement;

(n) to advise on general policy to be followed in respect of consultation work to be done by academic staff;

(o) to provide for the inspection of classes, laboratories, library and disciplines therein and submit reports thereof to the Board; and

(p) to award stipends, fellowships, scholarships, free-ships, medals and prizes etc. as per the conditions attached to the awards.

(3) The Academic Council shall meet as often as necessary but not less than four times during a calendar year to review the academic transactions and emerging teaching learning needs.

(4) The meeting of the Academic Council shall be convened by the Member-Secretary of the Council either on his own initiative or on the direction of the Director or on a requisition signed by not less than five members of the Academic Council.

(5) Half of the total number of the members of the Academic Council shall form the quorum.

(6) A written notice of every meeting together with the agenda shall be circulated by the Member-Secretary to the members of the Academic Council at least one week before the meeting. The Chairperson of the Academic Council may permit the inclusion of any item on the agenda for which due notice could not be given.

(7) Notwithstanding anything contained in sub-section (6), the Chairperson may call an emergent meeting of the Academic Council at short notice to consider urgent or special issues.

(8) The decision of the Chairperson of the Academic Council in regard to all matters shall be final.

(9) The minutes of the Academic Council shall be drawn up by the Member-Secretary and circulated amongst all members present in the meeting.

Section - 19. Finance and Procurement Committee

(1) The Finance and Procurement Committee shall consist of -

(a) the Director -Ex-officio Chairperson;

(b) the Registrar -Ex-officio Member- Secretary;

(d) one member to be nominated by the Governing Board - Member.

(2) The Finance and Procurement Committee shall advise the Board on matters relating to the administration of property and funds of the Institute including limits for the principles to be observed with regard to the recurring and non-recurring expenditure for the ensuing financial year, having regard to the income and resources of the Institute.

(3) The Finance and Procurement Committee shall take all decisions related to the procurement of all products and services on behalf of the Institute.

(4) The Finance and Procurement Committee shall have such other functions and powers as may be required for discharge of its functions as may be prescribed by the rules.

Section - 20. Outreach and Industry Alliances Committee

(1) The Outreach and Industry Alliances Committee shall consist of the Director of the Institute as the Chairperson and such other members as shall be prescribed under the regulations.

(2) The Outreach and Industry Alliances Committee shall function to ensure-

(a) reaching out to and attracting quality international students;

(b) overall branding of the Institute and real-time review of the same;

(c) to onboard industry and academic leaders in order to design the course curricula of the Institute as per the ever-changing needs of the industry; and

(d) all the eligible students get an opportunity to gainful employment through the industry partners of the Institute on successful completion of their fulltime programmes.

(3) The Committee shall take all decisions pertaining to the subjects mentioned in the sub-section (2) subject to the approval of the Academic Council and the Governing Board.

Section - 21. Other Authorities

The constitution, powers and functions of the Admission Committee, Examination Committee and other authorities of the Institute shall be such as may be prescribed by the rules.

CHAPTER 5 Staff of Institute

Section - 22. Staff of Institute

(1) The Institute shall appoint such number of employees against the posts as may be sanctioned by the Governing Board from time to time. The terms and conditions of service of the employees of the Institute shall be such as may be provided in the regulations.

(2) The Institute shall endeavour to attract motivated and competent individuals from related industries and leading academics from India or abroad.

(3) In the interest of the Institute, eligible Government servants may be appointed on deputation basis or by transfer of service as per Government norms and conditions.

(4) The Board may, from time to time, create or abolish posts as it considers proper, subject to the conditions mentioned in the relevant regulations.

Section - 23. Appointment and promotion of faculty members, officers and other employees

(1) Subject to the provisions of this Act, such number of Professors, Associate Professors, Assistant Professors and Officers, shall be appointed by the Chairperson. The other employees, as may be necessary, shall be appointed by the Director.

(2) Save as otherwise provided in sub-section (1) the officers, faculty members and other employees of the Institute shall be appointed in such manner and with such designations and grades as may be prescribed by the rules.

(3) The employees of the Institute appointed under this Act shall be entitled to such salary and allowances and shall be governed by such conditions of service as may be prescribed by the rules.

(4) No person shall be appointed as a faculty member of the Institute, unless he fulfils the qualifications prescribed by the University Grants Commission, the All India Council for Technical Education or any other Central/State Regulatory Body and the regulations made under this Act, as the case may be, and recommended by a Selection Committee constituted in this behalf under this Act.

(5) The Selection Committee for the appointment or promotion to a Professor, an Associate Professor, an Assistant Professor and other faculty members of the Institute shall consist of-

(a) the Director who shall be the Chairperson of the Selection Committee;

(b) the Dean;

(d) such other persons as may be prescribed by the rules.

(6) The Selection Committee constituted under this section shall follow such procedures as may be prescribed under the rules framed under this Act.

(7) No recommendations made by the Selection Committee shall be considered to be valid, unless a majority of the members present support it:

Provided that in the case of Selection Committee constituted under sub-section (5), the presence of at least two experts shall be necessary.

(8) Where the Selection Committee fails to make a recommendation in accordance with the provisions of sub-section (7), the minutes of the Selection Committee shall be submitted to the Chairperson who shall forward the same, along with his views thereon, to the Governing Board for decision and the decision of the Board shall be final.

(9) Where the recommendations of the Selection Committee are not acceptable to the Chairperson, it shall refer the whole case to the Board specifying the grounds of objection to such recommendations in precise terms, and the decision of the Board thereon shall be final:

Provided that it shall be lawful for the Chairperson to refer the case to the Selection Committee for reconsideration or to require another Selection Committee to be constituted for consideration of the case.

CHAPTER 6 Finance and Audit

Section - 24. Grant-in-aid by State

For the purpose of enabling the Institute to perform its functions efficiently under this Act, the State Government may, after due appropriation made by the House of State Legislature by law in this behalf, pay to the Institute in each financial year such sums of money in such manner as it may think fit.

Section - 25. Fund of the Institute

(1) The Institute shall maintain a fund to which shall be credited-

(a) all funds provided by the State Government;

(b) all fees and other charges received by the Institute; and

(2) The Institute shall strive to generate its own sources of funds and progressively reduce dependence on funds provided by the State Government, with an objective of becoming self-reliant on operations within five years from commencing operations.

(3) All funds credited to the Institute shall be deposited in any Scheduled Banks and invested in such manner as the Institute may ascertain, with the approval of the Finance and Procurement Committee and the Governing Board.

(4) The fund shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and performance of its functions as provided under section 6.

Section - 26. Budget of the Institute

(1) The Institute, shall prepare, in such form and at such time, every year as may be prescribed by the rules, a budget in respect of the financial year ensuing, next showing the estimated receipts and expenditure of the Institute and the same shall be forwarded to the State Government in such manner as may be prescribed under the rules.

(2) The Budget shall clearly show the institutional development plan approved by the Governing Board for the same period.

(3) The Board shall comply with such directions as may be given by the State Government while approving the Budget finally.

(4) It shall not be lawful for the Institute to incur any expenditure not sanctioned in the Budget or in the case of funds granted to the Institute, subsequent to the sanction of Budget by the State Government or the Government of India, or any international organisation or foundation or any other agency save in accordance with the terms of such grant:

Provided that funds from sources other than that of the Government of India and of the State Government will be received by the Institute only after obtaining the necessary clearances, as required under the law:

Provided further that in the case of sudden or unforeseen circumstances, non-recurring expenditure not exceeding rupees twenty-five lacs, beyond sanction in the Budget may be incurred by the Director who shall immediately inform the State Government in respect of all such expenditure and shall seek ex-post facto sanction of such expenditure.

Section - 27. Accounts and Audit

(1) The Institute shall cause proper accounts and other records in relation thereto be kept, including the proper system of internal check and prepare an annual statement of accounts including the income and expenditure account and the balance sheet in such manner as may be prescribed by the regulations.

(2) The Accounts of the Institute shall be audited by such persons as may be appointed by the State Government and any expenditure incurred in connection with such audit shall be payable by the Institute to the State Government.

(3) The person so appointed and any other person so authorised by him in connection with such audit of accounts of the Institute shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor General of India has in connection with the audit of Government accounts and in particular shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Institute.

(4) The accounts of the Institute certified by the person so appointed or any other person authorised in this behalf together with the audit report thereon shall be forwarded annually to the State Government and the State Government may issue such instructions to the Institute in respect thereof as it deem fit and the Institute shall comply with such instructions.

(5) The State Government may cause the accounts of the Institute together with the audit report thereon forwarded to them under sub-section (4) to be laid annually before the House of the State Legislature.

Section - 28. Annual Report

The Institute shall, as soon as may be, after the end of each financial year, prepare the Annual Report and submit it to the State Government, before such date as may be prescribed by the rules and copy of such report shall be laid before the House of the State Legislature.

Section - 29. Pension or provident fund

(1) For the benefit of its officers, teachers and employees, the Institute shall constitute, in such manner and subject to such conditions as may be prescribed by the regulations, such pension, gratuity, insurance and provident fund as it may deem fit.

(2) The provisions of the Provident Funds Act, 1925 (Central Act No. 19 of 1925), shall apply to a fund or an insurance scheme as if it were a State Government fund or scheme and the Institute shall contribute to or invest in such fund or scheme.

(3) Provision shall be made in the regulations to ensure that staff members transferred from employment in the service of the State shall have their accrued service benefits protected upon such transfer.

Section - 30. Surcharge

(1) A member of the Institute, the Board, any authority or other body of the Institute, as the case may be, or an officer, other employees of the Institute shall be liable to surcharge for the loss, waste or misapplication of any money or property of the Institute, if such loss, waste or misapplication is a direct consequence of his neglect or misconduct.

(2) The procedure of imposing surcharge and the manner of recovery of the amount involved in such loss, waste or misapplication shall be such as may be prescribed under the rules framed under this Act.

CHAPTER 7 Rules and Regulations

Section - 31. Power to make rules

(1) The State Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act.

(2) All rules made under this Act shall be laid, as soon as may be after they are so made, before the House of the State Legislature, while it is in session, for a period of not less than fourteen days, which may comprise in one session or in two successive sessions and if before the expiry of the session in which they are so laid, or of the session immediately following, the House of the State Legislature makes any modification in any of such rules or resolves that any such rule should not be made, such rules shall thereafter have effect only in such modified form or be of no effect, as the case may be, so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done thereunder.

Section - 32. Power to make regulations

(1) Subject to the provisions of this Act, the Institute may, with the previous approval of the State Government, make regulations to provide for any matter which is to be or may be provided for by the regulations and without prejudice to the generality of the powers, such regulations may provide for, namely:-

(a) the convening and holding of meetings, other than the first meeting, of the Institute, the conduct of the business at such meetings and the number of members necessary to form a quorum;

(b) any matter in respect of the constitution of the Board or any Committee or other body to be constituted under this Act;

(c) the powers and functions to be exercised and discharged by the Chairperson and the Director, other officers of the Institute;

(d) the allowance, if any, to be paid to the Chairperson and the members of the Board and of any Committee or other bodies constituted under this Act;

(e) the procedure to be followed by the Board or other authorities or other bodies constituted under this Act in the conduct of their business, exercise of their powers and discharge of their functions;

(f) the powers and duties of the Director and other officers and employees of the Institute;

(g) the management of the properties of the Institute;

(h) the degrees, diplomas and other academic distinctions and titles which may be granted by the Institute;

(i) the creation of the posts of teachers, officers and employees of the Institute, and the appointment of persons to such posts including the minimum qualifications requisite thereto;

(j) the fees and other charges which may be demanded and received by the Institute;

(k) the manner in which, and the conditions subject to which pension, gratuity, insurance and provident fund may be constituted for the employees of the Institute; and

(l) any other matter for which provisions may be made by regulations under this Act.

(2) Notwithstanding anything contained in sub-section (1), the first regulations under this Act, shall be made by the State Government and any regulations so made may be altered or rescinded by the Board for exercise of its powers under sub-section (1) with the approval of the State Government.

CHAPTER 8 Miscellaneous

Section - 33. Authentication of orders and instruments

All orders and decisions of the Institute shall be authenticated by the signature of the Director or any other officer authorised by the Institute and other instruments shall be authenticated by signature of the director or any other officer of the institute authorised in this behalf and proceeding of the meetings of concerned authority or committee or other bodies of the Institute shall be authenticated by the signatures of the Chairperson and the Member-Secretary thereof.

Section - 34. Acts and proceedings not to be invalidated by vacancies etc

No act or proceedings of the Board or any authority or any committee constituted under this Act shall be invalidated merely by reason of the existence of any vacancy in Board or any authority or any committee.

Section - 35. Grant of degrees, diplomas etc

The Institute shall have powers to grant degrees, diplomas and other academic distinctions and titles under this Act.

Section - 36. Recognition of Technical Qualifications granted by the Institute

Subject to the provisions of the University Grants Commission Act, 1956 (Central Act No. 3 of 1956), the All India Council for Technical Education Act, 1987 (Central Act No. 52 of 1987) and other laws for the time being in force, degrees, diplomas, and other distinctions granted by the Institute shall be recognised qualifications for the purposes of the said Acts and other laws.

Section - 37. Power of the State Government to issue directions

The State Government may issue such directions from time to time to the Institute on policy matters not inconsistent with the provisions of this Act, as it may deem necessary or expedient for carrying out the purposes of this Act. Such directions shall be complied with by the Institute.

Section - 38. Power of the State Government to cause inspection

(1) The State Government shall have the right to cause an inspection to be made, by such person or persons as it may direct, of the Institute including its buildings, libraries, laboratories, workshops and equipment and also of the examinations, teaching and any other work conducted or done by the Institute or to cause an inquiry to be made in the like manner in respect of any matter connected with the administration and finances of the Institute.

(2) Where the State Government decides to cause an inspection or inquiry to be made under sub-section (1), it shall inform the Institute of the same through the Director and any person nominated by the Board shall be present at such inspection or inquiry as representative of the Institute and he shall have the right to be heard as such.

(3) The person or persons directed to inspect or inquire under sub-section (1) shall have all the powers of a Civil Court while trying a suit under the Code of Civil Procedure, 1908 (Central Act No. 5 of 1908), for the purpose of taking evidence on oath and of enforcing the attendance of witnesses and compelling production of documents and material objects, and shall be deemed to be a civil court within the meaning of sections 345 and 346 of the Code of Criminal Procedure, 1973 (Central Act No. 2 of 1974) and the proceeding before him shall be deemed to be judicial proceedings within the meaning of sections 193 and 228 of the Indian Penal Code, 1860 (Central Act No. 45 of 1860).

(4) The State Government shall address the Director with reference to the result of such inspection or inquiry, and the Director shall communicate to the Board the view of the State Government together with such advice as the State Government may offer upon the action to be taken thereon.

(5) The Director shall submit a report to the State Government of the action taken or proposed to be taken within such time, as it may fix.

(6) If an authority of the Institute do not take action to the satisfaction of the State Government within a reasonable time, may after considering any explanation which such authority may furnish, issue such directions as it may think fit, and such authority shall comply with such directions.

(7) The State Government shall send to the Chairperson a copy of every report of an inspection or inquiry caused to be made under sub-section (1) and of every communication received from the Director under sub-section (5) and of every direction issued under subsection (6) and also of every report for information received in respect of compliance or noncompliance with such direction.

Section - 39. Returns and Information

The Institute shall furnish to the State Government and State/Central Regulatory Bodies such reports, returns, statements, and other information as may be required from time to time by them.

Section - 40. Execution of contracts

All contracts relating to the Institute and administration of the Institute shall be expressed as made by the Board and executed by the Director.

Section - 41. Transfer of property

The State Government may transfer to the Institute building, lands and any property whether movable or immovable for use and management of the Institute on such conditions and subject to such limitations as the State Government may deem fit for the purpose of this Act.

Section - 42. Filling of casual vacancies

All the casual vacancies among the members (other than ex-officio members) of any authority or other body of the Institute shall be filled, as soon as may be convenient, by the person or body who appoints or nominates the members whose place has become vacant and any person appointed or nominated to a casual vacancy shall be a member of such authority or body for the residue of the term for which the person whose place he fills, would have been a member.

Section - 43. Protection of persons acting under this Act

No suit, prosecution or other legal proceedings shall lie against any person for anything which is in good faith done or intended to be done under this Act or the rules and regulations made thereunder.

Section - 44. Members and employees of the Institute to be public servants

Every member and employee of the Institute, when acting or purporting to act in pursuance of the provisions of this Act or rules or regulations or orders or directions made or issued thereunder shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code, 1860 (Central Act No. 45 of 1860).

Section - 45. Mode of proof of the record

(1) A copy of any receipt, application, notice, order, proceeding or resolution of any authority or committee of the Institute, or other documents in the possession of the Institute or any entry in any register duly maintained by the Institute, if certified by the Director shall notwithstanding anything contained in any other law for the time being in force, be admitted as prima facie evidence of the matters and transactions specified therein, where the original thereof would, if produced, have been admitted in evidence.

(2) No employee of the Institute shall in any proceeding to which the Institution is not a party, be required to produce any document, register or other record of the Institute, the contents of which can be proved under sub-section (1) by a certified copy, or to appear as a witness to prove the matters and transactions recorded therein unless by order of the Court made for special cause.

Section - 46. Power to remove difficulties

If any difficulty arises in giving effect to the provisions of this Act, the State Government may, by order, published in the Official Gazette, make such provisions, not inconsistent with the provisions of this Act, as appears to it to be necessary or expedient for removing the difficulty:

Provided that no such order shall be made under this section after the expiry of two years from the commencement of this Act.

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