While Dravid and Ambani made it for sports and business respectively, this award not only recognises style and fashion, but also associates it with the achievers from different walks of life, who have influenced the youth, and become their icons.
The theme of this year's awards is The Army. Indian designers like Raghuvendra Rathod, Anamika Khanna, Aparna Chandra, and Narendra Kumar Ahmed will create exclusive designs for the event and each of them will team up with one performer to create the magic.
Nominations for the award in various categories consists of the personalities who are already youth icons in their own way, whether it is Abhishek Bachchan, Rani Mukherjee from films or Narain Kartikeyan and Sania Mirza from sports.
Bipasha Basu unveiled the trophy of an iron, which symbolises an essential commodity in the fashion industry. She said she was overwhelmed as she won the award in the film category in 2003 and this year she is one of the judges.
The panel of judges consists of Bipasha Basu, Mehr Jessia, Aki Narula, Feroz Gujral, Manoviraj Khosla, Wendell Rodricks and Milind Deora.
Out of concern for the flood victims of Mumbai, MTV India launched "Style With Substance", where select design of every designer will be auctioned on eBay, and the proceeds will go towards the rehabilitations of the victims of the tragedy.