The Executive Council shall implement the objectives of the Foundation based on the policy direction and guidance provided by the Governing Board, including the following functions, namely:--
(a) to consider applications for the grant of financial assistance in accordance with the eligibility criteria as determined necessary for such grants;
(b) to determine through regulations,--
(i) the requirements for registration, the form and manner for making of applications for financial assistance;
(ii) reports and certification to be furnished pursuant to availing the financial assistance;
(iii) the requirements of extension of financial assistance; and
(iv) the grounds for revocation of financial assistance;
(c) to facilitate and provide any assistance as may be required to ensure filing of applications for intellectual property rights pursuant to the research undertaken through financial assistance under this Act; and
(d) any other function as may be delegated to it from time to time by the Governing Board.