According to legends, Lord Shiva gave a crystal Chandramouleeshwara Linga to Sri Adi Shankaracharya. The Linga is still be visited and the Chandramouleeshwara Puja is performed for the Linga every night. It is believed that Goddess Sharadambika, an incarnation of Goddess Saraswati, came to Earth as Upaya Bharathi. It is a common belief, that by worshiping her, one can receive blessings of Brahma, Shiva, and Vishnu along with Durga, Lakshmi, and Saraswati. The ritual of Aksharabhyasa performed here is considered to be sacred and fulfilling. The parents of kids in the age of 2-5 are given a slate and chalk or alternatively, a plate of rice on which they pray to Goddess Saraswati and the Guru to impart good knowledge and education to their children.

Navaratri festival is celebrated on a grand scale every year for 11 days with Shathachandi Homa Poornahuti performed on the Mahanavami day. On the Chaitra Shukla Poornima day, special Puja is performed in Sri Sharada Shrine. On Vaisaka Krishna Prathipath Mahabhishekam and special pooja is done for Sri Sharadambal. On Karthika Poornima day Deepotsava is conducted in Sri Sharada Shrine. On the Magha Shukla Panchami, Lalitha Panchami is celebrated with special Puja performed to Sri Sharadamba by the Jagadguru. On the Magha Krishna Dwithiya special Puja to Sri Sharadamba is performed by the Jagadguru. On the Magha Trithiya Sri Sharadamba Rathotsava is celebrated.