The Veena Foundation is a trust founded in 2001 to honor late Ustad Zia Mohiuddin Dagar. The objective is to promote Indian Classical Music in various ways. The foundation organizes a music festival every year in Pune in the loving memory of Ustad Zia Mohiuddin Dagar. Uday Bhawalkar also teaches about 5 students in Guru Shishya parampara under the auspices of the foundation. These students live and study with him at his residence.