One of the Academy's foremost endeavours has been its awards function which was earlier held annually till 2004. Since then it has been made bi-annual and it is held on the 19th of September, once in every two years at the Regal Room, Oberoi Towers, Mumbai.

The function which is highly prestigious and well - known is an opportunity for the academy to accord acknowledgment and felicitate outstanding achievements of various individuals in their respective field of activities like literature and entrepreneurship, science and technology, environment protection, education, work in the areas of aids, drug addiction, fine arts and films.