Parliament has unanimously passed the IIM Bill, 2017 that grants the Indian Institutes of Management the power to grant degrees instead of post-graduate diplomas.
Bill features :
IIMs would become institutes of national importance with power to grant degrees.
The boards of the institutes are proposed to be vested with full autonomy including the power to appoint chairperson as well as the director.
Power to review the performance of each IIM is also vested with the board.
Board to be the principal executive body of each institute.
Chairperson of the board will be appointed by the board for a period of four years.
Director of each IIM will be appointed by the board for a period of five years via a search-cum-selection panel. Once the bill becomes an act, the board is not required to seek the human resource development ministry’s approval for this.
The Board will have the power to remove a director.
The IIMs’ accounts will be audited by the Comptroller and Auditor General of India.
There will be an IIM Coordination Forum to be notified by the central government. It shall function as an advisory body and will be headed by an eminent person.
The bill says the central government may frame rules to give additional powers and duties to the IIM Boards and, it will decide the terms and condition of service of directors although the appointment will be made by the board. It will notify the IIM coordination forum to be headed by a eminent person.
All rules and regulations framed either by the central government or the IIM Boards will need to be tabled in parliament.
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