The Award was instituted by Dr. Shaila Chandra in the year 2022, in memory of her husband late Dr. Anil Chandra, a renowned micropalaeontologist, expert on the fossil diatoms and former scientist of the Birbal Sahni Institute of Palaeosciences (BSIP). The award is presented annually to an Indian national above 45 years and not exceeding 65 years as on 31st March the year of the award, for outstanding contributions in fields of Palaeobotany/Palaeontology. The award carries a Memento & Certificate and cash prize of ₹1,00,000/-.