The Indian Institutes of Management Act, 2017
9. Institute to be not-for-profit legal entity.-
(1) Every Institute shall be a not-for-profit legal entity and no part of the surplus, if any, in revenue of such Institute, after meeting all expenditure in regard to its operations under this Act, shall be invested for any purpose other than for the growth and development of such Institute or for conducting research therein.
(2) Every Institute shall strive to raise funds for self-sufficiency and sustainability.