(1) The Institute with the previous approval of the Central Government, may by notification in the Official Gazette, make regulations consistent with this Act and the rules made thereunder to carry out the purposes of this Act, and without prejudice to the generality of this power, such regulations may provide for--
(a) the summoning and holding of meetings, other than the first meeting, of the Institute, the time and place where such meetings are to be held and the conduct of business at such meetings under section 10;
(b) the manner of constituting the Governing Body and standing and ad hoc committees, the term of office of, and the manner of filling vacancies therein, the allowances to be paid to the members and the procedure to be followed by the Governing Body; standing and ad hoc committees in the conduct of their business, exercise of their power, discharge of their function under section 11;
(c) the powers and duties of the Director of the Institute under sub-section (4), the designations and grades of other officers and employees under sub-section (5) and other conditions of service under sub-section (6) of section 12;
(d) the power of the Institute under section 14, to specify--
(i) courses and curricula for undergraduate and postgraduate studies under clause (e);
(ii) hold examination and grant degrees, diplomas, certificates and other academic distinctions and titles under clause (h);
(iii) the professorships, readerships, lecturerships and other posts which may be instituted and persons who may be appointed to such posts under clause (i);
(iv) the management of the properties of the Institute under clauses (k) and (m);
(v) the fees and other charges which may be demanded and received by the Institute under clause (l);
(e) the manner in which, and the conditions subject to which, pension and provident funds may be constituted for the benefit of officers, teachers and other employees of the Institute under sub-section (1) of section 21;
(f) any other matter for which under this Act provisions may be made by regulations.
(2) Notwithstanding anything contained in sub-section (1), the first regulations under this Act shall be made by the Central Government; and any regulations so made may be altered or rescinded by the Institute in exercise of its powers under sub-section (1).