Accreditation, a powerful tool of quality assurance, is used to assess the national system of higher education. Accreditation is considered as a quality stamp, which ensures that an accredited institution/programme has undergone a rigorous process of external peer evaluation based on predefined standards/principles and complies with the minimum requirements. This paper focuses on the understanding the concept of accreditation in order to enhance quality and excellence in higher education institutions (HEIs) specially focusing on   available literature review and empirical researches. Prior studies conducted in different nations on quality parameters and outcomes of management education are assessed so as to highlight the key parameters that enhances the distinction of HEIs in India.