Bollywood has a trend of prestigious awards named on famous celebrities who have contributed a lion's share in the industry. Such as the prestigious 'Dada Saheb Phalke Award'. The institute TRS Foundation led by film producer T. Subbarami Reddy, have announced to distribute this award on the famous filmmaker Mr. Yash Chopra to outstanding film personality every year.

Mr. Reddy was been associated with the late filmmaker from a long time as a producer, producing famous movies like ' Chandni ' and ' Lamhe ' for the late filmmaker. Reddy states the reason behind selecting the 'Night Angel' was that, singer Lata Mangeshkar has contributed a lot to the industry as well as was very close to Mr. Chopra and have sang in almost all of the films of the director; known as per the sources.

A separate panel of juries has been set by the foundation consisting of Bollywood personalities like Hema Malini , Simi Garewal and Anil Kapoor who are allotted the responsibility to select the winner of this prestigious award. The award ceremony would take place every year on 21st October, the same day on which the filmmaker breathed his last.