I am attaching Indian Institute of Management Act 2017 which will come into force on 31.1.2018.
As per the Act 20 existing IIMs are declared as institutions of national importance. The Act confers on them the power to grant degrees. Right now they are awarding PG diplomas to the students. Each IIM will have its own executive body. Their accounts will be audited by CAG of India. They will now have more autonomy as the power to appoint both director and chairperson lies with the board without any interference of the government.