I have been getting emails inquiring about the admission of the UG program after the report by Times of India that remarked that it could be by IIT-JEE. The report states that "As IISc is a member of IIT-JEE, one possibility is take students through JEE based on their ranking and performance." IISc is NOT a member of IIT-JEE.
The admission procedure has not been decided yet. But I am suggesting that the admission be through KVPY because IISc has been conducting KVPY exams for a long time. Further, qualification in KVPY ensures a scholarship of Rs. 80,000 per year till the student completes the study.
Two days back, when I was travelling to Pune, I was asked by a fellow passenger, "Aren't you glad that your colleague got the Nobel Prize in Chemistry?" The reason was that the hindustan times had a front page article titled, "IISc prof wins the Nobel prize." Though the online version of the paper has now changed the title (keeping the content the same), I have the printed copy of the newspaper with me.
The message is that newspapers may create news to attract your attention. Do not believe it in entirety.