A few new IIMs have agreed to the proposed legislation as

they are taking government funding while IIM-A is not dependent on funding from the state, sources said. "New IIMs need to come up with degrees to create their brand, but with IIM-A the brand is already very high and there are hundred and hundreds of CEOs around the world from here," Naik said. Meanwhile, even the IIM-A faculty has opposed the legislation, saying it would tinker with the institutes "autonomy", which is essential to take it to the next level of international benchmarking. In a draft submitted to the IIM-A director Dr Samir Barua, the faculty, while giving its feedback on a note circulated on the move, has expressed its reservations, opposing the move tooth and nail, the institute sources said. The director has sent the draft stating faculties' reservations to the five-member committee headed by former SEBI chairman M Damodaran, vetting the bill draft, they said. The IIM draft bill is being vetted on the lines of the Bill which paved way for framing of IIT Act of 1961. The draft bill is being prepared by a five-member committee set up by the Union HRD Ministry and headed by the former SEBI Chairman.