The annual scheme will see £5,000 awarded to a UK-based sommelier to enable them to visit a winemaking country of their choice.
The scholarship was set-up by Basset’s widow Nina and son Romané, as well as Ronan Sayburn MS and Tim Atkin MW, in memory of the late sommelier, who passed away in January 2019.
Basset was one of the most acclaimed wine professionals of his generation and was the only person to simultaneously hold the Master of Wine, Master Sommelier and MBA Wine honours.
Entrants need to submit a written statement of up to 500 words to email@example.com explaining why they are applying for the scholarship, how they plan to spend the money and who it will benefit their career.
A judging panel will select a short-list of three candidates for interview, before helping the winner with contacts and suggestions to enhance their trip.
"[Gerard] believed that travelling to a region really was the best way to learn about it, which is why we we’ve set up this award," says Nina.
"Education and inspiring young sommeliers was so important to Gerard, and the travel bursary will enable this to carry on in his name.”
An inaugural fundraising dinner towards the scholarship will take place at 67 Pall Mall on 1 February 2020.
Fifty guests will be invited to purchase a ticket and bring along a wine of their choice to share on the evening.
A small percentage of the ticket price will go towards the food, while the remainder of the ticket price will be put towards the bursary fund.