(1) The Institute shall, within five years from the date of establishment and incorporation under this Act and thereafter at the expiration of every fifth year, constitute, with the prior approval of the Board, a review committee or shall appoint an agency as a third party to evaluate the performance of the Institute and its achievements with respect to its objectives during the said period.
     (2) The review committee constituted under sub-section (1) shall consist of members of repute in academia or industry, from relevant fields of teaching, learning and research in such Institute.
     (3) The third party agency appointed under sub-section (1) shall have past experience of conducting such evaluations.
     (4) The review committee or the third party agency, as the case may be, shall assess the performance of Institute and shall submit its report with recommendations on—
         (a) the extent of fulfilment of the objects of the Institute mentioned in section 6, as demonstrated by the state of teaching, learning and research, and its contribution to the society;
         (b) the promotion of transformational research and its impact on industry and society;
         (c) the advancement of fundamental research beyond the current frontiers of knowledge;
         (d) the establishment of the Institute as amongst the global leaders in the area of information technology;
         (e) such other parameters as the Board may consider necessary and specify.
     (5) The Board shall place the report of the review committee or the third party agency in the public domain and on its website and consider the recommendations referred to in sub-section (3) and take such action as it may deem fit:
     Provided that the recommendations of the review committee or the third party agency along with an explanatory memorandum on the action taken or proposed to be taken, specifying the reasons thereof, shall be submitted to the Central Government.