The monument was built at the location where the formal ceremony marking the start of self-rule, with the opening of the first parliament by Prince Henry, Duke of Gloucester occurred at a special podium on 4 February 1948.

Located at the head of the monument is the statue of the first prime minister of the country Rt.

Currently it is the venue for religious events and annual national day celebrations.

The building was designed by a group of eight notable architects led by Tom Neville Wynne-Jones CBE,[3][4] and included F. H. Billimoria, Shirley de Alwis, Oliver Weerasinghe, Homi Billimoria, Justin Samarasekera and M. B. Morina.

The design of the building is based on the Magul Maduwa (Celebration Hall), the Royal audience hall of the Kingdom of Kandy the last native kingdom of the island, where on 5 March 1815 the Kandyan Convention was signed between the British and the Kandyian Chieftains (Radalas) ending the Kingdom of Kandy.