The Sabha instituted the fellowship in music in honour and memory of Bharat Ratna Dr. M. S. Subbulakshmi while commemorating the centenary of the Mahavidushi. Each year, 50 young and promising artistes from across the country in all genres of music are conferred the fellowship which carries a grant of Rs. 1,00,000/- for three years certain and a fellowship plaque. The Awards function is held on 16th September each year coinciding with the birth anniversary of MS Amma or a date proximate thereto. Padma Vibhushan Dr. R. Chidambaram, former Principal Scientific Advisor to Government of India and Padma Vibhushan Prof. (Dr.) Manmohan Sharma, Emeritus Professor of Eminence presided over the function on 16th September 2023 and gave away the fellowship grants.

As on date, the Sabha has conferred the fellowship award on 181 artistes as detailed below.

An amount of Rs. 5,05,00,000/- has been disbursed till date as fellowship grant.

The Sabha also conferred the Sri Shanmukhananda Bharat Ratna Dr. M. S. Subbulakshmi Sangeetha Pracharya Award on Prof. (Dr.) Saraswati Vidyardhi.