Friends Admirers and relative have formed the Lalit Doshi Memorial Foundation to perpetuate his memory, It is registered public trust (No. E-15268-Bombay). Its main objectives are :

1. Instituting annual awards/prizes in the field of industry independently or jointly with organizations of repute.

2. Instituting prizes for school/collage/intercollegiate competitions and for students for outstanding performances in studies and extra curricular activities.

3. Arranging Memorial Lectures.

4. Granting relief to the poor and needy.