Shaurya Chakra which is a peacetime award equivalent to Vir Chakra is generally awarded for Counter- Insurgency Operations and actions against the enemy during the peace time It stand third in precedence among the peacetime awards and comes after Ashoka Chakra and Kirti Chakra and precedes Sena medal. Like Kirti chakra this award was also known as Ashok Chakra III which was later modified and altered as Shaurya Chakra after 1967. Subsequently Shaurya Chakra was decorated with a ribbon and a bar which contains the same condition as the other peacetime awards bear. This too shall add a new bar whenever the same act of valour and courage is repeated. Though till now none has been awarded with Shaurya award but it is expected to have same relevance as Vir Chakra in war time has and Kirti Chakra in peace time has.

Shaurya Chakra which was established as Ashok Chakra III by President of India on 4 January 1952 was revised and renamed with new decoration in 1967 when it now came to be known as Shaurya Chakra. The award which is a circular bronze dial with 1- 3/8 inches in diameter contains an Ashoka wheel of dharma in the centre, surrounded by the lotus wreath and decorative boundaries on the edge. Suspended by straight bar suspenders, the medal is renamed at the edge in both Hindi and English. On the reverse side till 1967 the medal had an inscription of Ashoka Chakra written in both Hindi and English in the upper and lower rim of the medal which was separated with lotus wreath while the centre was left blank perhaps for the provision of engraving the details of the medal in the centre when required. However there was no mention of any class on the medal till 1967 when the name was changed into present day Shaurya Chakra which now replaces the old Ashoka Chakra. Like Kirti Chakra and other such gallantry awards this too carries a state allowance under which the central government shall grant a monthly stipend of Rs 750 to the recipients while the state of Jammu and Kashmir awards an allowance of Rs 700 to the recipients separately. Regarding its appearance the medal is suspended with a ribbon which is 30mm in width with Dark green and three 2mm strips of saffron in the centre. As such it looks like 6mm dark green, 2mm orange, 6mm dark green, 2mm orange and again 6mm dark green and 2mm orange.

Overall this medal is awarded to all the three wings of Indian Army, Indian Navy and Indian Air Force along with the civilians, reserved forces, Territorial Army, Militia as well as any other lawfully constituted Armed forces. It shall be granted to all who performs the act of bravery and valour other than the members of police forces and recognised Fire Services. It also includes members of Nursing Services of the armed forces.