Hi, the IIM Bill was passed in order for the IIM to be considered as Institute of National Importance just like AIIMS, IITs and NITs. They will be able to grant degrees to students. Since Societies are not authorized to award degrees, students admitted to their Master’s program are given a postgraduate diploma in management or PD-GM. Similarly, those pursuing doctoral studies are awarded the title of a ‘Fellow’ at the end of their research. Although the PG diploma and ‘Fellow’ title are recognized by the Association of Indian Universities and the HRD Ministry to being equivalent to an MBA and a PhD degree, respectively, the equivalence is not universally accepted, especially for the Fellow program. Hence, you will have an opportunity to  have degrees the same way IIT or AIIMS or NIT students will have. Hope this helps.