Choosing Bschool or University on Name value is not recommended viz. sRM University vs IIM Ahemdbad. IIM is top Bschool where is SRM is an University and is ranked way below. So selection should depend on rankings displayed by Forbes or India Today, the placement and Average salary the college , the Notable Alumnus, The return on investment offered. After careful consideration of above paramters you can judge as to whether the Bschool is good or not. Do refer to top 30 Bschools in India and their details to get detailed information.

The comparision can be mainly made on the basis of the bschool/university you are asking about because it is not necessary that the bschool you take admission in is good than the university or vice versa. The brand and its past review and existence guides you of what is better to choose. 

IIMs are reputed bschools and on the other side FMS is choosen by students after IIM's. The percentile requirement is almost the same for both the institutes. The other facor is universities majorly provide MBA course which is of a fixed curriculum and bschools update their curriculum as per the needs and requirements. The fees structure does vary as the fees is high in bschools as compared to the latter. If you get any bschool/university you have to first aim high to get the one you wish to.

All the best.