You need a valid CAT/XAT/GMAT score. Scores up to last three years, as on February 2011, are valid. For example, XAT scores of 2010 till 2012, or scores of CAT 2010 till 2012, are valid. If you have appeared for these tests more than once in the last three years, you may apply on the basis of your best score.
You need to have a recognized three-year graduate degree, or equivalent, in any discipline with a minimum aggregate of 50% marks in all the three years. Students appearing for their final qualifying examinations in 2012 can also apply provided they submit a valid copy of their degree (or provisional degree) before 1st October 2012.