Private Academies has been a major milestone in the field of higher education in India. Private Academies is a new concept where self financed private academies can be established by private players without financial assistance from the State. A number of private academies have been established in various States as also Central Govt of India has granted Deemed Academy status to a number of educational institutions. In this era of liberalization and global education, it is germane to attract, encourage and promote the private sector investment in the realm of Higher Education and lay the legislative pathway to establish and incorporate private self-financing academies in India. It is the right time to develop and implement a progressive framework that provides for opportunities to deserving private institutions and educational promoters, with relevant and sufficient experience and exposure in the field of higher education, so as to contribute towards the expansion of higher education and research.