Instituted by the Union Ministry of Information and Broadcasting last year to promote emerging talent in film schools, the awards provide a platform to realise their artistic vision as they journey into professional filmmaking.
Inaugurated yesterday by filmmakers Saeed Mirza and Goutam Ghosh, it will run till March two.
SRFTI is also running its Clapstick International Students' Film festival simultaneously in which 19 institutes are participating.
There are 17 awards for the four categories of films in the competition - short fiction up to 10 minutes and Upton 30 minutes and non-fiction and animation. The total award money amounts to Rs 15 lakh.
Apart from the film screenings, there will also be some events such as, master classes on a specialised subject related to film-making by eminent film-makers or technicians like Ishai from Israel, who will look into sound and music in films and Dutch Cinematographer Leonard Helmrich.