The University Grants Commission (UGC) is a regulatory body that oversees the functioning of universities in India. It was established in 1956 under the University Grants Commission Act, 1956, and is headquartered in New Delhi. The UGC is responsible for coordinating and maintaining standards of higher education in the country. 

Here is all you need to know about the UGC:

1. Functions of the UGC

The UGC has various functions, including:

• - Promoting and coordinating university education in the country
• - Determining and maintaining standards of teaching, examination, and research in universities
• - Providing grants to universities and colleges
• - Monitoring the utilization of funds by universities and colleges
• - Coordinating research work in universities and colleges
• - Establishing and maintaining academic collaboration with foreign universities

2. Grants and Funding

The UGC provides grants to universities and colleges for the development of infrastructure, research, and other academic activities. The UGC provides funds to universities and colleges on the basis of their performance, infrastructure, research activities, and academic programs.

3. Accreditation and Assessment

The UGC is responsible for the accreditation and assessment of universities and colleges in India. It has set up the National Assessment and Accreditation Council (NAAC) for this purpose. The NAAC assesses and accredits universities and colleges based on various parameters such as teaching, research, infrastructure, and governance.

4. Scholarships and Fellowships

The UGC provides various scholarships and fellowships to students pursuing higher education in India. These scholarships and fellowships are awarded on the basis of merit and other criteria.

5. NET Exam

The UGC conducts the National Eligibility Test (NET) exam for the recruitment of Assistant Professors and award of Junior Research Fellowships (JRF) in Indian universities and colleges. The exam is conducted twice a year and is mandatory for those who want to pursue a career in teaching or research.

6. UGC Regulations

The UGC issues various regulations from time to time for the functioning of universities and colleges in India. The regulations cover areas such as academic programs, examinations, research, and infrastructure.

In conclusion, the UGC plays a vital role in the development of higher education in India. It provides grants, scholarships, and fellowships to universities and students and ensures the maintenance of standards of teaching, research, and infrastructure in universities and colleges. It also conducts the NET exam for the recruitment of Assistant Professors and awards Junior Research Fellowships.