The Bahram Dehqani-Tafti Memorial Fund was set up in 1981 in memory of Bahram Dehqani-Tafti. The Fund provides money for the educational purposes of current students members, including the Bahram Dehqani-Tafti Memorial Scholarship.

The Scholarship is awarded annually to a student who has produced meritorious work in Philosophy, Politics and Economics. It is awarded in recognition of progress and diligence as well as achievement.

The Tutors in Philosophy, Politics and Economics make a recommendation to the Governing Body during Trinity Term each year and, if approved, the Scholarship is then held from the following Michaelmas Term. The value of the Scholarship is determined by the Governing Body. The Governing Body also has the authority to remove a Bahram Dehqani-Tafti Memorial Scholarship from the person to whom it was awarded should they cease to be worthy of it.