Complex sentence: The institute gained deemed status in the academic year 2003-04, and was renamed SRM Institute of Science and Technology and subsequently, SRM University in 2006 when it attained the status of a full-fledged university, under section 3 of the UGC Act 1956.
Split into simpler sentences: The institute gained deemed status during the 2003-2004 academic year, and was renamed SRM Institute of Science and Technology. It became SRM University in 2006, when it attained the status of a full-fledged university, under section 3 of the UGC Act 1956.