Page 104 - Compendium of UGC Regulations 1957-2023

Regulations on Establishment, Maintenance and Recognition of Institutions:

18.0 Income and Property of the institution deemed to be university to be utilized for its objectives
only
The income and property of the institution deemed to be university shall be utilized solely for
promoting the objectives of that institution deemed to be university.
19.0 Ban on payment or transferring of Income and Property of the institution deemed to be
university by way of Profit
No portion of the income and property of the institution deemed to be university shall be paid
or transferred directly or indirectly, by way of dividend, bonus or otherwise howsoever by
way of profit to the persons who were at any time or are members of the institution deemed to
be university or to any of them or any persons claiming through them, provided that nothing
herein contained shall prevent the payment in good faith of remuneration to any member
thereof or other person as consideration for any service rendered to the institution deemed to
be university or for traveling or other allowances and such other charges.
20.0 Funds, Accounts, Audits and Annual Report

i) The accounts of the institution deemed to be university shall be maintained in the name
of the institution deemed to be university and not in the name of the sponsoring Society
or Trust. The accounts of the institution deemed to be university shall be kept in such
forms as may be laid down by the Board of Management and shall conform to the
rules, if any, prescribed by the Commission. The accounts of the institution deemed to
be university shall be open for examination by the Controller and Auditor General of
India. The accounts shall also be open for inspection by the Commission.
(ii) The annual financial statements and accounts shall be audited by the Chartered
Accountant of the institution deemed to be university.
iii) Annual Reports and the Audit Reports shall be submitted by the institution deemed to
be university to the Commission within nine months of the closure of the accounting
year,
21.0 Rules of the institution deemed to be university
Subject to the provisions of the Regulations and the Rules of the Commission, the Board
of Management shall, in addition to all other powers vested in it. have the power to frame
the Rules of the institution deemed to be university that may provide for all or any of the
following matters: -
(i) establishment of Departments of teaching:
(ii) courses of study to be laid down for all degrees, diplomas and certificates of the
Institution deemed to be University;
(iii) grant of academic awards (such as degrees and diplomas) and distinctions;

(iv) admission of students to the Institution deemed to be University and their enrolment as
such;

(v) the fees to be charged for courses of study and for admission to the examinations,
degrees, diplomas and certificates of the Institution deemed to be University.

(vi) conduct of examinations, appointment of examiners and approval and publication of
results thereof;
(vii) institution of award of fellowships, scholarships, studentships, medals and prizes and
prescription of the conditions thereof;
(viii) maintenance of discipline among the students;

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University Grants Commission