6. Powers and functions of the Institute.

(1)The powers and functions of the Institute shall be,- (a) to institute teaching and training in certificate, undergraduate, postgraduate and super-speciality branches of financial technologies and allied sciences and to make provisions for research and for the advancement and dissemination of knowledge in such branches; (b) to institute and award degrees, diplomas, certificates and other academic distinctions; (c) to admit students to the various courses of study and to conduct examinations or tests and lay down conditions in respect thereof; (d) to hold examinations for and to grant and confer degrees, diplomas and others academic distinctions to and on persons- (i) who have pursued a course of study; or (ii) who have carried on research in/with the Institute; (e) to create, in association with the industry, a robust ecosystem for, enhancing the employability of the students enrolled in the regular programmes and, providing gainful employment opportunities to each eligible student of the Institute; (f) to institute and award scholarships, fellowships (including travelling fellowship), studentships, stipends, medals and prizes following the regulations; (g) to establish, maintain and administer centres of teaching and research, centres of excellence, libraries; (h) to fix and collect fees and other charges; (i) to create teaching, administrative, ministerial, technical and other necessary posts as required and make appointments thereto; (j) to undertake publication of works of merit and research; (k) to function as an industry-sponsored research centre; (l) to deal with property belonging to, or vested in the Institute in any manner which is considered necessary for promoting its objects; (m) to cooperate or collaborate with other institutions both national and international, in conduct of higher education and research in financial technologies and allied fields; and (n) to do any other act or thing, as may be necessary in order to further the objects of the Institute: Provided that the Institute – (i) shall not transfer any immovable property of the Institute by way of mortgage, sale, exchange, gift or otherwise except with the previous sanction of the State Government; and (ii) shall not create any post in the Institute except with the prior approval of the State Government or except in accordance with any general or special order of the State Government. (2) The Institute may, with prior approval of the Governing Board, appoint teaching and non-teaching staff from both academia and industry, either on a permanent or contractual basis. The Institute may also outsource certain activities and facilities as may be deemed fit by the Governing Board. (3) The pay and other allowances to various categories of employees of the Institute shall be such as may be determined from time to time by the Governing Board on suggestions by the Selection Committee in concurrence of the Finance and Procurement Committee.