Subject to the provisions of this Act, every Institute shall exercise the following powers and perform the following functions, namely:—
(a) to carry out the administration and management of the Institutes;
(b) to provide by regulations for the admission of candidates to the various courses of study in conformity with the laws for the time being in force;
(c) to specify and conduct courses of study, training and research in management and allied subjects and document, and disseminate knowledge thereof;
(d) to evolve innovative management education pedagogy aligned to dynamic global management practices;
(e) to conduct examinations and to establish processes for evaluation and performance assessment through a fair and transparent system;
(f) to grant degrees, diplomas and other academic distinctions or titles and to institute and award fellowships, scholarships, prizes and medals, honorary awards and other distinctions;
(g) to lower the cost of education and to enhance the reach of the education by use of information and communication technology and other innovative methods;
(h) to establish and maintain such infrastructure as may be necessary;
(i) to determine, specify and receive payment of, fees and other charges as the Institute may deem fit, from students and any other person, institution or body corporate for instruction and other services, including training, consultancy and advisory services, provided by the Institute;
(j) to acquire, hold and deal with the property belonging to or vested in the Institute, with the approval of the Board, and in case of immovable property, under prior intimation to the Central Government, for advancing the objects of the Institute subject to the condition that such property is not obtained wholly or partly from the State Government or the Central Government funds:
Provided that where the land for the Institute has been provided free of cost by a State Government or the Central Government such land may be disposed of only with the prior approval of the Central Government;
(k) to create academic, administrative, technical, ministerial and other posts under the Institute other than the post of Director of the Institute and to make appointments thereto;
(l) to appoint committees for the disposal of any business of the Institute or for tendering advice in any matter pertaining to the Institute;
(m) to receive grants, gifts and contributions and to have custody of the funds including internally generated funds of the Institute to meet the expenses, including capital expenditure of the Institute including expenses incurred in the exercise of its powers and discharge of its functions;
(n) to create partnership, affiliation and other classes of professional or honorary or technical membership or office as the Institute may consider necessary;
(o) to perform such other functions as may be necessary for carrying out the objects of the Institutes;
(p) to do all such things and activities, incidental to the attainment of all or any of the objects of the Institute.