The Saraswathi Award has been instituted in honour of Smt Saraswathi Pattabhi Raman who along with her husband Shri C.R.Pattabhi Raman had donated the ancestral family property of The Grove which is situated at Eldams Road, Alwarpet, Chennai to the C.P. Ramaswami Aiyar Foundation. In September 2011, in connection with Navaratri, C.P. Aiyar Foundation launched the first annual musical festival and conferred the Saraswathi Award to M.Chandrasekharan, Violin maestro. In 2012, the Saraswathi Award was presented to R.Vedavalli.
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