The correct answer is option 'C' - G.B. Pant Memorial Society.

G.B. Pant Memorial Society:
- G.B. Pant Memorial Society is a society established to commemorate the memory of Govind Ballabh Pant, who was an Indian freedom fighter and one of the prominent leaders of the Indian National Congress.
- The society aims to promote and carry forward the ideals and values championed by Govind Ballabh Pant.
- One of the initiatives taken by the G.B. Pant Memorial Society is the institution of an award for an outstanding parliamentarian.

Award for Outstanding Parliamentarian:
- The G.B. Pant Memorial Society has instituted an award for an outstanding parliamentarian.
- The award recognizes and honors the exceptional contributions made by parliamentarians in the Indian political system.
- It acknowledges their dedication, integrity, and commitment towards serving the nation through their parliamentary work.

Significance of the Award:
- The award for an outstanding parliamentarian is a prestigious recognition in the Indian political landscape.
- It serves as an encouragement and motivation for parliamentarians to perform their duties diligently and effectively.
- The award also helps in promoting and upholding the values of democracy, transparency, and accountability in the functioning of the Indian Parliament.

Other Options:
- Jamanlal Bajaj Foundation: The Jamanlal Bajaj Foundation is a philanthropic organization that works towards various social causes. However, it has not specifically instituted an award for an outstanding parliamentarian.
- Institute of Constitutional and Parliamentary Studies: The Institute of Constitutional and Parliamentary Studies is an organization that conducts research and provides training on constitutional and parliamentary matters. It does not have an award for parliamentarians.
- R.D. Birla Samara Kosh: R.D. Birla Samara Kosh is a charitable trust that provides financial assistance for medical treatment and education. It does not have an award for parliamentarians.

In conclusion, the G.B. Pant Memorial Society has instituted an award for an outstanding parliamentarian. This award recognizes the exceptional contributions made by parliamentarians in the Indian political system and promotes the values of democracy and accountability.

Answer:
The correct answer is C: G B. Pant Memorial Society. This society has instituted an award for an outstanding parliamentarian. Here is a detailed explanation:
Background:
- The question is asking about a society that has established an award for an outstanding parliamentarian.
- We need to identify the society among the options given.
Analysis:
Let's analyze each option to determine which one fits the criteria:
A: Jamanlal Bajaj Foundation
- There is no information provided about this foundation instituting an award for an outstanding parliamentarian.
B: Institute of Constitutional and Parliamentary Studies
- There is no information provided about this institute instituting an award for an outstanding parliamentarian.
C: G B. Pant Memorial Society
- This society has instituted an award for an outstanding parliamentarian.
- This option matches the criteria mentioned in the question.
D: R. D. Birla samara Kosh
- There is no information provided about this samara Kosh instituting an award for an outstanding parliamentarian.
Conclusion:
Among the given options, the society that has instituted an award for an outstanding parliamentarian is G B. Pant Memorial Society (Option C).