Rohit was unanimously selected for the award, which carries a cash prize of Rs 10 lakh, by former India captains Sunil Gavaskar [ Images ], Ravi Shastri and MAK Pataudi, the adjudicators for the award.
The 22-year-old right-hander from Mumbai [ Images ] won the award by virtue of the 333 runs he scored in the league stages of the Twenty20 [ Images ] tournament at an average of 27.75 and a strike rate of 119.
Apart from his brilliance with the bat, Rohit also shone with the ball, taking 11 wickets at an average of 11.45, including a hat-trick.
"It is a great honour to be named the Under-23 Success of the League. I've been pleased with my form in South Africa [ Images ], it has been a fantastic competition and I have really enjoyed it," an elated Rohit said.
"To be recognised for my achievements by three of the living legends of Indian cricket is a great thrill for me," he added.
Impressed with Rohit's performance, IPL chairman and commissioner Lalit Modi [ Images ] said, "Rohit's performances have helped light up the IPL. He is without doubt one of the best young cricketers in the world, and has a very exciting future with both Deccan Chargers and India. I congratulate him on becoming the Under-23 success of the league."