Page 173 - Compendium of UGC Regulations 1957-2023

Regulations on Establishment, Maintenance and Recognition of Institutions:

10.11.3 Finance Committee
A. The composition of Finance Committee shall be as under:
i. Vice Chancellor – Chairperson;
ii. Pro Vice-Chancellor (wherever applicable);
iii. One person nominated by the Society/Trust/Company;
iv. Two nominees of the Board of Management, one of whom shall be
a member of the Board;
v. One representative of Central Government not below the rank of
Joint Secretary or his representative to the Government of India,
in case the institution is controlled and managed by Central
Government or is receiving grants more than or equal to 50% of its
expenditure (based on average of previous three year account) from
the Central Government directly or through its Agencies; and in all
other institutions Deemed to be universities, the Commission shall
nominate a representative from a panel of names selected through a
process approved by the Commission;
vi. One representative of the State Government, in case the Institution
Deemed to be University is receiving grants from the State
Government;
vii. Finance Officer- Secretary ex officio
B. Tenure of members of the Finance Committee:
All members of the Finance Committee other than ex-officio members
shall hold office for a term of three years from the date of first appointment.
C. Powers and Functions of the Finance Committee:
i. To consider the annual accounts and financial estimates of the
Institution Deemed to be University and to submit them to the Board
of the Management for its approval;
ii. To consider and recommend the annual budget and revised estimates
to the Board of Management;
iii. To fix limits on the total recurring expenditure and the total non-
recurring expenditure of each year based on the income and
resources of the Institution Deemed to be University.
Note: No expenditure other than that provided in the budget shall be
incurred by the Institution Deemed to be University without the approval
of the Finance Committee.
D. Meetings of the Finance Committee:
The Finance Committee shall meet at least twice a year to examine the
accounts and to scrutinize proposals for expenditure. Four members shall
constitute the quorum for the meeting.
10.11.4 Board of Studies:
There shall be one Board of Studies for each Department of the Institution
Deemed to be University. The composition of Board of Studies of each
faculty/ Department shall be as under:
i. Dean of faculty/ Head of the Department – Chairperson;
ii. All Professors of the faculty/ Department;
iii. Two Associate Professors of the faculty/ Department by rotation
based on inter-se seniority;
iv. Two Assistant Professors of the faculty/Department by rotation
based on inter-se seniority;

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UGC Regulations