Page 158 - Compendium of UGC Regulations 1957-2023

Regulations on Establishment, Maintenance and Recognition of Institutions:

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/Trust/Company. 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. In case of Institutions
being funded by Central or State Government or their agencies fully or partially, then
the accounts of such institutions 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.

Provided that in case of reasonably credible reports being received of financial
impropriety or of embezzlement or of illegal diversion of funds from the accounts of
the University/Managing Society or of fees being collected against the provision of
the regulations, then the Commission may order an additional audit to be done by a
Chartered Accountant selected by the Commission and take further action deemed fit
under the Regulations based on the audit report.

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;
(ix) maintenance of discipline among the employees;
(x) establishment of halls of residence and conditions of residence and health of the
students;
(xi) classification, emoluments, method of appointment and determination of the terms and
conditions of service of the staff;
(xii) such other powers, functions and duties of the Academic Council as are not mentioned
elsewhere;
(xiii) constitution, powers and functions of the Planning & Monitoring Board;
(xiv) Powers and functions of the Board of Studies;
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University Grants Commission