The award is named after the Late Paramacharya of Kanchi Sri Chandrasekarendra Saraswathi, the 68th Sankaracharya of Kanchi Kamakoti Peetam, who was an embodiment of the ancient wisdom of India.

The South Indian Education Society has set up a corpus fund of Rs 1 crore to perpetuate the preachings of the Mahaswami. Annual awards would be given every year in four fields of activity, i.e. public service, scientists, community leadership with emphasis on rural development and pravachana karthas. Each award carries a citation, a silver scroll and a cash prize of Rs 2.5 lakh. The Sankaracharyas of Kanchi, Sri Jayendra Saraswathi and Sri Sankara Vijayendra Saraswathi are the patrons of the awardscommittee. The inaugural award has been confined only to the field of public service.

Governor Dr P C Alexander will preside over the function. Dr Murli Manohar Joshi, Union Minister for Human Resources Development will deliver the keynote address.