This fellowship was formalised in the centenary year of Bharat Ratna Dr. M. S. Subbulakshmi. It was instituted earlier on a modest scale. It carries a fellowship grant of Rs. 1,00,000/- for three years certain to a young and promising musician for a definitive period of three years.
The genres of music covered under the fellowship have been progressively expanded over the years. During the year, the Sabha added folk music, Drum and piano to the eligible branches of music. The awards function were presided over by eminent persons in the past.

During the year, several young artistes were identified and conferred the fellowship in the new genres that were included.

As on date, the Sabha has conferred the fellowship award on 203 artistes as detailed below.

An amount of Rs. 5,55,00,000/- has been disbursed till date as fellowship grant.
Padma Vibhushan Pandit Hariprasad Chaurasia, the noted flautist of international acclaim presided over the function and conferred the fellowship. Master Chotu Khan gave a brief performance of the Rajasthani folklore that captivated the audience and brought to fore the extraordinary skills that this young artiste possesses. HT Parekh Foundation supported the fellowship awards