Absolutely, GIBS does give out internal awards for performance — and it's not only for academic toppers. From what I've seen as a student, they recognize people for multiple things like leadership, co-curriculars, innovation, discipline, event participation, and even best performances in specific subjects or projects. It honestly felt nice to see a system where not only the toppers shine but also students who contribute in different areas get appreciated.
And yeah, they do it formally during events, management conclaves, and at convocation-type ceremonies. I actually got one myself, so I can vouch that they genuinely track student per