Universities in India are globally famous for providing quality education with low cost. The privatization has further developed formal education with advance technology, infrastructure and learning environment. It has become a matter of pride to show case the innovations they do in providing the best education. Sustainability can be attained only by detecting the defects in teaching, learning and evaluation system of education and finding proper solutions in this regard. The prime stakeholders in education comprises of the students, faculties, staffs, parents, employers, collaborative institutions, regulating bodies, banks, sponsoring bodies etc. The expectation from each set of stakeholder differs in magnitude. Educational Institutions shall establish and adopt Feedback Management System (FMS) to detect the best practices and defects existing in the educational system. The National Assessment and Accreditation Council (NAAC) mandates the Feedback from the Stakeholders especially the students. This paper describes the regulatory norms, processes, opportunities, challenges of Feedback Management System in the Higher Education Institutions in India.