M.Phil

There are many reasons why some students do not register for a PhD and favour an MPhil. Firstly, an MPhil is sometimes the name for a one-year Masters as is the case at the University of Cambridge. In some education systems like that of Pakistan, the MPhil is a research degree which includes a strong coursework component, which is often a requirement for a PhD applicant. For some disciplines, notably in the humanities, the MPhil is regarded as the most advanced Master's degree.
Other students, unfortunately, do not at the time have the financial means to undertake a PhD but still want to pursue a research degree. Some choose a one-year Masters by Research, and some choose an MPhil which will normally take two years. Sometimes, and although rare, a research degree can be for one's own interest and an MPhil fulfils that personal ambition without the need for PhD.

You can go for an MPhil (regular) after completing Masters from IGNOU. Every institution has its own criteria but since IGNOU being the recognized Open University, its degree is acceptable by almost all other regular institutions.
Recently, UGC has announced that candidates who score 55% in their Masters are eligible for MPhil from UGC recognized universities. So you need to focus on getting at-least 60% in Masters to be in the safe zone (Only if you are a general candidate).
I would like to give you an advice that please go for Central Universities for M.Phil as the faculty in such universities is mind blowing. JNU, DU, BHU, etc. are there in this list.

There are two modes for applying in M.Phil course I.e. Entrance and Direct ( NET/NET-JRF). In case of NET/NET-JRF the students are selected on the basis of merit (50% Undergraduate marks + 50% Post Graduate marks) for final Interview. However in case of Entrance test there is two-layered selection procedure, comprising a written test and a personal interview. The written test covers five areas namely Quantitative methods for Research, Accounting Finance & Tax, International Business & Marketing, Human Resource Management & Law, and Economics. Written Test generally consists of objective type questions with negative marking. The written test is usually held in the month of July or August. The personal interview of the candidates qualifying the written test is usually held after one month from the date of written test. There is very little reservation for students belonging to OBC category. For students belonging to the creamy layer of OBC, there is no reservation and the same applies to students applying to DU, JNU etc.