In force · As amended up to 2026-08
5. The Indian Institutes of Management Bill, 2017 inter alia provides for the following, namely:
(a) with the commencement of this Act, all existing Institutes will become a body corporate by the existing names;
(b) every institute shall be open to all persons irrespective of sex, race, creed, caste or class, and no test or condition shall be imposed as to religious belief or profession in admitting or appointing members, students, teachers or workers or in any other connection whatsoever;
(c) admission to every academic course or programme of study in each Institute shall be based on merit assessed through transparent and reasonable criteria. However, reservation in admissions will be provided as per Central Educational Institutions (Reservation in Admission) Act, 2006;
(d) every Institute shall exercise powers and functions like conducting courses of study, training and research in management and allied subjects, publication, consultancy, advisory work to advance new knowledge and innovation and to provide global leadership in management theory and practice, conduct examinations and award degrees, institute and award fellowships, scholarships, prizes and medals, establish and maintain infrastructure etc., and also do all such things and activities, incidental to the attainment of the objects of the Institute;
(e) the Director shall be appointed by the Board, out of the panel of names recommended by a search cum-selection committee to be constituted by the Board;
(f) there shall be the Board of Governors as the principal executive body of each institute. The composition, powers and functions of the Board have been enumerated in clauses 10 and 11 of the Bill
respectively. The Board will be responsible for the general superintendence, direction and control of the affairs of the Institute. The powers shall be exercised by the Board as per regulations framed by the Board of Governors;
(g) there shall be an Academic Council which will be the principal academic body of each institute and will exercise its powers as per clause 15 of the Bill;
(h) the Director will be the Chief Executive Officer of the Institute and shall provide leadership to the institute, exercise powers and perform the duties as may be assigned to him under this Act or the regulations or as may be delegated to him by the Board and be responsible for implementation of the decisions of the Board. His powers and functions have inter alia been enumerated in clause 16 of the Bill;
(i) there shall be a co-ordination forum which shall be established with an eminent person as its Chairman to be selected by a Search-cum-Selection Committee constituted by the Coordination forum to consider matters of common interest to these institutes and facilitate the coordination amongst various institutes, sharing of experiences, ideas and concerns with a view to enhancing the performance of all Institutes;
(j) the Board of every Institute shall evaluate and review the performance of the institute within the first three years of establishment and thereafter at least once in every three years. The evaluation and review report of the Board shall be placed in public domain.
(k) the Institutes will receive grants in aid, if required. Every institute shall maintain proper accounts and records, which are to be audited by the Comptroller and Auditor-General of India.
Source: India Code