Mumbai varsity proposes to tap capital market

Mumbai: Mumbai University is likely to tap the capital market to raise resources for its expansion programmes, making it the first of its kind in the country.

Unable to provide required facilities to the growing number of students, the university has mooted the idea of getting itself listed in the Bombay Stock Exchange. The university is currently conducting a feasibility study on the potential of a listing.

Reports quoting vice chancellor Vijay Khole said a proposal had been made at the senate meeting for conducting a feasibility study by our academics and allocation of Rs2 lakh for the same.

Currently, the university is funded by government grants of over Rs250 crore from state and the center and this may not be enough to support long-term maintenance of the new infrastructure and centres that are coming up in the university, the finance officials said.

The listing proposal is a proactive step taken by the university bearing in mind future funding needs and its own global ambitions.

The concept of universities trading in stock market is not new and is in vogue even in Asian countries like China and the Republic of Korea.

The university also proposes to introduce certificate courses on investment functions and all Securities and Exchange Board of India related subjects.

If the plan goes through, Mumbai University will be the first institution of its kind in the country to tap the capital market.

The Bombay University and College Teachers Union, however, objected to the proposal at the senate and called for a wider discussion on the proposal with 5,000 teachers and others statewide.