Top Twenty Management Institutes notified as Institutions of national importance. The Indian Institutes of Management Act, 2017 (No. 33 of 2017) has received the assent of the President on the 31st December, 2017.
The said Act has been in-acted to declare certain Institutes of management to be institutions of national importance with a view to empower these institutions to attain standards of global excellence in management, management research and allied areas of knowledge and to provide for certain other matters connected therewith or incidental thereto.
The Act has listed 20 existing Institutes which from the date of commencement of the Act (to be notification) become a body corporate. Every such Institute shall have perpetual succession and a common seal, with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued.
Every such Institute shall be a not-for-profit legal entity and its surplus shall be invested for only for the growth and development of the Institute or for conducting research therein.
It has been provided that every student pursuing any academic or research course in every existing Institute, shall be deemed to have migrated and registered with such Institute at the same level of course in the Institute from which such student migrated.
The Institutes shall be governed by a Board of Governors which shall be the principal executive body. The Board shall be headed by a Chairperson, from amongst eminent persons distinguished in the field of industry, education, science or technology, management, public administration etc.
The accounts of such Institutes shall be audited by the Comptroller and Auditor General of India.
Download The Indian Institutes of Management Act, 2017 Click Here >>
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