They were part of a group of seven eminent alumni who were given the award at the 62nd convocation of the prestigious institute.
However, both Jain and Acharya could not make it to the event and the award was given to them in absentia.
Jain, who completed his BTech in mechanical engineering in 1972, is now the President of Reinsurance Division at Berkshire Hathaway Insurance Group in the US.
Acharya, on the other hand, studied computer science and engineering in the 1987 batch.
The Distinguished Alumnus Award is one of the highest recognitions given for the accomplishment and contribution of an alumnus.
The awardees were given a gold medal and a certificate.
Besides them, five other alumni, including IIT Guwahati Director Gautam Biswas and IIT Kanpur Director Indranil Manna, were also awarded on the occasion.
