The university will be a not - for - profit legal entity and no part of the surplus revenue will be invested for any purpose except the growth and development of the university.
Welcoming autonomy for these institutions, one academic joked that while autonomy lies at the heart of innovation, many existing universities could be truly innovative if only the autonomy in the draft Bill was extended to them. Other academics are critical of the lack of clarity on reservation.
The Innovation Universities are primarily intended to be private institutions. However, the HRD Ministry can also make grants to develop them, in which case the President would be the Visitor and the government would have a larger role in their functioning.
Each university will have an independent Board of Governors empowered to discharge all functions by enacting statutes to provide for its administration, management and operations.
The board will delegate its powers to the Academic Board, headed by the Vice - Chancellor, that will perform financial, management and administrative functions including appointments and collaborations; the Board of Studies that will specify programmes of study; the Faculty of Knowledge Manpower Assessment to study and assess through research trends in emerging fields of knowledge of relevance, and the Research Council that will interface with the research funding organisations, industry and civil society.
In the case of a publicly - funded university, any new knowledge created from research that leads to an intellectual property will have to be reported to the government for retaining title.