Bhopal (Madhya Pradesh): The state government has amended the rules governing private universities, allowing the refund of endowment funds to their sponsoring bodies and fixing an annual fee of Rs 5 lakh for each university.
The amendments were notified on Tuesday under the Madhya Pradesh Niji Vishwavidyalaya (Sthapana Avam Sanchalan) Rules.
Under the revised rules, every private university will have to pay an annual fee of Rs 5 lakh to the MP Private University Regulatory Commission. The commission may revise the fee with the consent of the administrative department.
Universities will have to pay the fee by May 1 of every financial year. Failure to meet the deadline may attract a penalty of up to Rs 5,000 per month, or the amount decided by the commission.
The amendment also provides for the refund of endowment funds deposited by sponsoring bodies of private universities before the publication of the 2026 amendment to the parent Act.
The sponsoring bodies will have to use the refunded money for academic development in their respective universities.
If the fund is kept in a fixed deposit, the commission will return it within one month of the deposit's maturity. The settlement of interest earned on these deposits will be governed by the earlier provisions.
The prescribed forms for annual fee payments and related procedures have also been revised. The annual fee collected by the commission, along with income generated from its use, can be spent on carrying out the commission's statutory functions.
