Recognizing academic excellence and rewarding the students and research scholars has been a tradition at IIT Madras for a long time. Institute Day, Convocation, Alumnite etc., are the occasions where such awards are presented. We have many awards funded by alumni as an endowment and the returns from the endowment are given as a prize to the students.
An annual Institute prize of Rs. 5,000 (+ medal/ certificate) requires a donation of Rs. 1 lakh (or equivalent in foreign currency) for 10 years or Rs. 2.5 lakhs for 25 years so that the award can be given in perpetuity.