Named after former NSD Director Ebrahim Alkazi, the Chair was given to Maharishi by a committee constituted by the theatre institution.
He will hold office for one year from the day of his acceptance, and will be paid Rs 1 lakh per month as honorarium.
Maharishi, who was born in 1940, was honoured with the Sangeet Natak Akademi Award for 'Direction' in 1992. He served as the NSD Director from 1984-86.
The institution also selected senior theatre artist B. Jayashree for its artist-in-residence program.
"A committee constituted to select a name for the scheme from among the leading theatre practitioners, decided to invite B. Jayashree, a very senior aluminous of National School of Drama," NSD said.
She will be given Rs 80,000 per month for a three-month Residency program.
NSD, established in 1959, is an independent autonomous body under the aegis of Ministry of Culture, Government of India.
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