Universities in India are globally famous for providing quality education with low cost. The privatization has further developed formal education with advanced technology, infrastructure and learning environment. It has become a matter of pride for the higher educational institutions to show case the innovations they do to provide quality education to the students. Sustainability can be attained only by detecting the defects in teaching, learning and evaluation system in the educational institutions. There is a need to seek proper solutions to solve the existing defects in the educational system so as to provide good citizens to the society. The Students, Faculties, Parents, Employers, Collaborative Institutions, Regulating Bodies, Banks and financial Institutions, Sponsoring bodes etc. are the prime stakeholders of educational system. The expectation of each set of stakeholder differs in its magnitude based on its role towards the cause of education. Feedback is the process of knowing the self for every educational institution to rate its service towards its stakeholders. Educational Institutions shall establish and adopt Feedback Management System (FMS) to detect the best practices and defects existing in its system. The University Grants Commission has mandated the feedback on teachers. It has directed the National Assessment and Accreditation Council (NAAC) to seek feedback from the students to evaluate the quality of educational delivery. This paper describes about the regulatory norms, process, opportunities and challenges of Feedback Management System in the Higher Education system in India.