(1) The Board shall serve as a premier multi-disciplinary research funding agency for planning, promoting and funding basic research in the emerging areas of science and engineering.
     (2) The powers and functions of the Board shall, inter alia, include--
         (i) serving as a premier multi-disciplinary research agency for planning, promoting and funding of internationally competitive research in emerging areas;
         (ii) considering and taking decisions on the recommendations and suggestions made by the Oversight Committee;
         (iii) identifying major inter-disciplinary research areas, and individuals, groups or institutions and funding them for undertaking research;
         (iv) evolving nationally coordinated programmes in various identified areas involving institutions that will have a multiplier effect in promoting research;
         (v) assisting in setting up infrastructure and environment for scientific pursuit;
         (vi) achieving synergy between academic institutions, research and development laboratories and industry for promoting basic research in science and engineering;
         (vii) evolving a management system to speedily provide for funding research, including monitoring and evaluation, by adopting modern management practices;
         (viii) evolving participation in international collaborative projects, wherever necessary or desirable; and
         (ix) taking over and continuance of the basic research projects and programmes undertaken or funded by the Central Government under the existing Science and Engineering Research Council scheme.
     (3) The Board may provide financial assistance for the purposes specified in sub-section (2), in the form of grants and loans to individuals, academic institutions, research and development laboratories, industries and other organisations.