 Post Independence, the institute got statutory recognition when the Parliament of India enacted "The Cost and Works Accountants Act" (Act No.23rd of 1959), a special act, on 28 May 1959 to accord statutory recognition to ICAI (then ICWAI) as an autonomous professional Institute with the objectives of promoting, regulating, and developing the profession of Cost and Management Accountancy.The CWA Amendment bill, 2011 was passed by both the Houses of Indian Parliament viz.Lok Sabha and the Rajya Sabha on 12 December 2011 and assented by the Honorable President of India on 12 January 2012.