Deakin University becomes first foreign university to set up its International Branch Campus in India

Tags: National National News

Deakin University, a leading university in Australia, has become the first foreign university to receive the approval of the International Financial Services Centers Authority (IFSCA) to set up an International Branch Campus (IBC) at GIFT City, Gujarat. 

An overview of the news

• Union Finance and Corporate Affairs Minister Nirmala Sitharaman announced in the Union Budget 2022-23 that “world class foreign universities and institutions will be allowed to open campuses in GIFT City.

• The IFSCA approval means that the Deakin University branch in GIFT City will be able to undertake courses offered in Australia to Indian and foreign students in the areas of science, technology, engineering, mathematics and financial management.

About International Financial Services Centres Authority (IFSCA)

• IFSCA was established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019.

• It is headquartered in GIFT City, Gandhinagar, Gujarat.

• It is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Center (IFSC) in India.

• It is currently the maiden international financial services centre in India.

• Prior to the establishment of IFSCA, trading in IFSC was regulated by the domestic financial regulators, RBI, Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA) and Insurance Regulatory and Development Authority of India (IRDAI).

• IFSCA Chairperson  -  Injeti Srinivas