Manna alleged that the ranking process by such agencies was based on the paying capabilities of the institutions.
"The standard of teaching, research and job placement are not the criteria for the ranking instead it is based on the paying capabilities of the institutions. An amount of one lakh and fifty thousand dollars needs to be paid to get a good ranking in such lists," he claimed.
"These global rankings are more of a business rather than based on academic performance of institutions," he said.
Manna said a five-member committee of IIT directors has been constituted, of which he is part of, to look into the issue and understand the methodology of the ranking agencies.
The report by this committee will be submitted to the IIT council, he said. On IIT-Kanpur ranking at 295 in the 'QS World University Rankings', Manna said the institute was placed on the position based on old information provided on the its website.
"The ranking should have been after a team would have come to IIT-Kanpur and seen how the institute works. There have been so many students of IIT-Kanpur who have achieved so much on the world stage," he said.
The list released on September 10 was dominated with US universities, with MIT grabbing the top slot and Harvard at No 2, pushing Britain's Cambridge University to No 3.
The 11 Indian institutions which featured in the list included IIT Delhi at 222, IIT Bombay at 233, IIT Kanpur at 295, IIT Madras at 313 and IIT Kharagpur at 346.