Act Number: 33

Act Name: The Indian Institute of Management Act, 2017

Year: 2017

Enactment Date: 2017-12-31

Long Title: An Act to declare certain Institutes of management to be institutions of national importance with a view to empower these institutions to attain standards of global excellence in management, management research and allied area of knowledge and to provide for certain other matters connected therewith or incidental thereto.

Ministry: Ministry of Human Resource Development

Department: Department of Higher Education

Section 9: Institute to be not-for-profit legal entity.
    (1) Every Institute shall be a not-for-profit legal entity and no part of the surplus, if any, in revenue of such Institute, after meeting all expenditure in regard to its operations under this Act, shall be invested for any purpose other than for the growth and development of such Institute or for conducting research therein.
     (2) Every Institute shall strive to raise funds for self-sufficiency and sustainability.
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