Senior Labour party MP Keith Vaz, who received the Bidve family at the House of Commons during their visit here last week to carry the victim's body to India, said many people had contacted him to acknowledge Bidve's memory.
"These people who have contacted me, and contacted the family direct, are very keen to set up a fund to honour the memory of Anuj and to help the family," Vaz said.
"I am, therefore, helping to establish a fund to receive donations in memory of Anuj," he said.
Further details of the fund will be announced after discussions with the family, he said, adding that there will be three overseers of the fund, Kamel Hothi from Lloyds Bank, Reena Anand and Sangeeta Mandal.
Anuj, was killed in the early hours of December 26 in an unprovoked attack in Salford.
Lancaster University, where Anuj was enrolled on a postgraduate qualification in Microelectronics, said it had decided to return his tuition fees to the family, which had reportedly raised a loan against their house in Pune to finance his studies in Britain.