The regulatory mechanism for higher education should aim to ensure quality and accountability, rather than leave institutions constrained by rules. As the University Grants Commission (UGC), the apex body regulating higher education in India, marks its 60th anniversary — it was inaugurated on December 28, 1953 — some introspection is in order. The democratization of the higher education system and improved and expanded access and opportunities are some of the milestones of the last half-a-century. However, there are concerns expressed by all stakeholders that the current models of governance of universities do not inspire confidence about an appropriate framework to regulate them. Several issues need to be examined in the context of the existing framework for regulating universities.