Mumbai University is likely to become the first institution of its kind in the country to tap the capital market for much-needed resources necessary to upgrade the quality of education and its expansion plan.
With expanding student population and its inability to provide the required facilities, the university has mooted the idea of getting itself listed on the Bombay Stock Exchange and plans to conduct a feasibility study for the purpose, vice-chancellor Vijay Khole told PTI on Friday.
"In this regard, we have made a proposal at the Senate meeting held yesterday (Thursday) to conduct a feasibility study by our academics and asked for an allotment of Rs 200,000 for the same," Khole said.
This is a proactive step taken by the university to improve its funding and also to go global in the near future, he added.
Asked whether the university will be appointing any global professionals for the feasibility study, Khole said, "We will be appointing our own academics as the fund for the study is only Rs 200,000."
"The concept of universities trading in stock market is not new in Asia and the practice is in vogue in Korea and China," he said adding that such practices are seen in the Western countries too.
Currently, over Rs 250 crore (Rs 2.5 billion) has been attracted from state and central funding and this may not be sufficient for long-term maintenance of the new infrastructure and centers that are coming up in the university, the finance managers said.
Pro-vice chancellor, A D Sawant, said, in this exercise, it was important to put the credentials and credibility more in limelight.
The university will also start introductory certificate courses on investments, functions and all Securities and Exchange Board of India related subjects, Sawant said.
However, the Bombay University and College Teachers Union objected to the proposal at the Senate and said the university cannot take any such decision without having a 'democratic discussion' with over 5000 teachers and others.
"The university does not have a mechanism in place for converting the university into a profit-making organisation and dragging into the stock market," BUCTU general secretary, Tapati Mukhopadhayay, said.
"In this 150th year of the university, lots of funds are pouring in and instead of talking about student development-related subjects in the senate, the vice-chancellor who is heading the higher educational institution, is talking about profit making and giving the profits to the investors when we do not have any such provision," she said.
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