He is the recipient of National Film Award for Best Feature Film
He is the recipient of Many Karnataka state awards
In 1989, the Karnataka government invited him to set up a repertory in Mysore, which he named Rangayana and headed until 1995
B V Karanth along with his wife, Prema Karanth, Karanth set up "Benaka", one of Bangalore's oldest theatre groups. It is an acronym for Bengalooru Nagara Kalavidaru