In which year was the coveted Dadasaheb Phalke Award instituted?

1969

The correct answer is Option (1) - 1969

The Dadasaheb Phalke Award, instituted in 1969, is one of the most prestigious honors in Indian cinema. It recognizes individuals for their exceptional contributions to the industry, commemorating the pioneering efforts of Dadasaheb Phalke, the father of Indian cinema.