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AICTE approves colleges that can impart MBA education in India. For any college to be giving away MBA or Diploma's they have to be

1. Either declared as deemed university by UGC, example NMIMS

2. Approved by AICTE, IMT , IMI Delhi etc.

3. Affiliated to a University, JBIMS

4. Formed under some special Act, IIM's and IITs.

For AICTE's role, you can read this article at DesiMBA.

http://www.desimba.in/features/2012/06/a-to-z-of-mba-a-for-aicte-how-aicte-controls-mba-education-in-india/

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