Tendulkar, who has an international career spanning over two decades, clinched the coveted trophy by beating South African Hashim Amla, Englishman Graeme Swann and Sehwag.
"It's better late than never. I am getting the award in the 21st year of my career, so it's fantastic. I have been working hard for this award," Tendulkar said after receiving the honour.
Tendulkar, who made his debut as a 16-year-old against Pakistan way back in November 15, 1989, was also named the winner of LG People's Choice Award.
"To play well is a challenge that you take in your stride and work hard to perform. I am doing this for the last 21 years and I take a lot of pride to play for my country," Tendulkar said.
