[1] The award is named after Tenzing Norgay, a Nepali-Indian Sherpa mountaineer and one of the first two individuals to reach the summit of Mount Everest along with Edmund Hillary in 1953.

The recipients are honoured for their "outstanding achievement in the field of adventure activities on land, sea and air" over the previous three years.

The lifetime achievement is awarded to individuals who have demonstrated excellence in and devoted themselves in the promotion of adventure sports.

As of 2021[update], the award comprises "a bronze statuette of Tenzing Norgay along with a cash prize of ₹15 lakh (US$17,000)".

[3] In 2017, ten awards were given, of which six were given to the members of Navika Sagar Parikrama, an all-woman sailing team for the circumnavigation of the globe.