law: Cost and Works Accountants Act, 1959 
  25. Penalty for using name of the Council,
  
  awarding degrees of cost accountancy, etc. 
  (1) Save as otherwise provided in this Act, no
  
  person shall- 
  (i) use a name or a
  
  common seal which is identical with the name or the common seal of the
  
  Institute or so nearly resembles it as to deceive or as is likely to deceive
  
  the public;
  (ii) award any degree,
  
  diploma or certificate or bestow any designation which indicates or purports to
  
  indicate the position or attainment of any qualification or competence in cost
  
  accountancy similar to that of a member of the Institute; or
  (iii) seek to regulate
  
  in any manner whatsoever the profession of cost and works accountants.
  (2) Any person contravening the provisions of
  
  sub-section (1) shall, without prejudice to any other proceedings which may be
  
  taken against him, be punishable on first conviction with fine which may extend
  
  to one thousand rupees, and on any subsequent conviction with imprisonment
  
  which may extend to six months, or with fine which may extend to five thousand
  
  rupees, or with both.
  (3) Nothing contained in this section shall
  
  apply to any university established by law or to any body affiliated to the
  
  Institute.
  (4) If the Central Government is satisfied
  
  that any diploma or certificate or any designation granted or conferred by any
  
  person other than the Institute, which purports to be a qualification in cost
  
  accountancy but which, in the opinion of the Central Government, falls short of
  
  the standard of qualifications prescribed for cost accountants and does not in
  
  fact indicate or purport to indicate the position or attainment of any
  
  qualification or competence in cost accountancy similar to that of a member of
  
  the Institute, it may, by notification in the Official Gazette and subject to
  
  such conditions as it may think fit to impose, declare that this section shall
  
  not apply to such diploma or certificate or designation.