The other members of the board include ex-England captain Tony Greig former Aussie batsman Dean Jones and ex-India wicketkeeper Kiran More.
The league, to be launched later this year, is being set up by a leading Indian broadcast and entertainment group.
"The game should be run by the people who have played it at the highest level and hence the choice of the members," said Subhash Chandra, chairman of Essel Group which controls the country's biggest listed media firm Zee Telefilms, in a statement.
The league will comprise six teams in the inaugural edition which will be played in Twenty-20 format.
Each team will have four foreign players, two current Indian players and eight young Indian players.
Former England skipper Greig said the league would not conflict with the Indian cricket board.
"This will be the platform where youngsters from all corners of India will play alongside the superstars of international cricket, learn the tricks of the trade from them and gain confidence to excel," Greig said in a statement.