The Indian School of Political Economy was founded in the year 1970 by the well-known economist, the late Prof. V.M.Dandekar. The School has been registered under the Societies Registration ACT, 1860 and also under the Maharastra Public Trusts Act, 1950. The Council of the School consists of fifteen Honorary Fellows elected in the Annual Meeting of the Council.
The Council is headed by the President and the Director is appointed for the day-to-day working of the School.