The award has been instituted by the TSR Foundation of T Subbarami Reddy in the memory of the producer-director, who died in 2012.
The Foundation annually honours a distinguished senior film personality for outstanding contribution to film industry with a Gold Medal and a cash prize of Rs 10 lakh.
A jury consisting of Hema Malini, Jaya Prada, Simi Garewal, Boney Kapoor, Pam Chopra and Reddy declared Rekha's name for this edition of the award, a statement read.
Previous recipients include Melody Queen Lata Mangeshkar and megastar Amitabh Bachchan.
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