Generic : Is the GMAT accepted by IIMs and ISB?

Yes, the GMAT is accepted by ISB and the IIMs, but mainly for specific programmes. ISB's PGP accepts GMAT or GRE, and the IIMs accept GMAT for their one-year and executive MBAs (PGPX, EPGP, MBAEx, IPMX). For the flagship two-year IIM programmes, Indian residents must take CAT.