The award, comprising a cash prize of Rs 1.5 lakh and a memento, was instituted by noted film writer and actor Gollapudi Maruthi Rao in memory of his son G Srinivas, who died in an accident while directing his maiden film.
This was the 11th year in a row, where best Indian directorial talent was recognised by the foundation and it was for the first time that a film from Bollywood has been chosen for the award.
Khan, who usually doesn't attend any film award functions, said he agreed to receive the Gollapudi award out of respect for the organisation.
"This award promises first-time directors not just nation-wide appreciation, but also recognition for their hardwork, and encouragement to scale new peaks of success, " Maruthi Rao said.
Eminent film personalities, including Anupam Kher and leading Tamil film director K Balachandar, were among those present for the award function which took place on Tuesday night.