(1) The Executive Council on the recommendations of the Academic Council may institute such scholarships, fellowships, medals, endowments, stipends and prizes as it deems necessary.
(2) The Academic Council shall specify conditions for the award of scholarships, fellowships, medals, endowments, stipends and prizes and the same shall be subject to the approval by the Executive Council and in case of endowments, the Executive Council shall consider the conditions put forth by the person or body offering the endowment and decide appropriately.
(3) The institute shall have merit scholarships for the first and second rank holders in every Programme of Study and the quantum of amount in such scholarship shall be decided by the Institute from time to time.
(4) All types of scholarships fellowships, free ships, stipends, etc. shall be administered at the Institute level by a Committee constituted by the Director.