law: 4. Grant of degrees and diplomas by Institute.-
  Notwithstanding anything contained in the University Grants Commission Act, 1956 (3 of 1956), or in any other law for the time being force, the Institute may hold such examinations and grant such degrees and diplomas in 2[statistics, mathematics, quantitative economics, computer science and such other subjects related to statistics] as may be determined by the Institute from time to time.