Sony Entertainment Television Fair One is introducing the new award in association with the Filmfare Awards.
The winner will be honoured during the award function at the Mumbai Metropolitan Region Development Authority (MMRDA) Grounds here Saturday. It will be shown live on Sony TV at 8 p.m.
Vidya, who has already bagged the STAR Screen Awards for her performance in "Parineeta", says: "'Parineeta' was really a very good experience. It gave me an opportunity to show my talent to a wide audience. Can't beat my own performance."
Tanisha is on cloud nine too and says: "I am excited about Filmfare. It is my first nomination."
The organisers feel these young actresses are a true combination of femininity and strength and represent a generation that believes in "beauty with a purpose".
Anuj Saxena, director, marketing of Elder Pharma that manufactures the Fair One fairness cream, said: "This award has been instituted to acknowledge the face that epitomises beauty and strong character.
"We at Fair One truly believe that it's not only external beauty but also a mode of conduct, a standard of courage, discipline, fortitude and integrity which go into making a woman beautiful."