The Forum of Indian Regulators was formally registered as a Society under the Societies Registration Act, with the Registrar of Societies in the National Capital Territory of Delhi on February 4, 2000. Schedule-I provides the Memorandum of Association, while Schedule-II provides the Rules and Regulations.

The Orissa Electricity Regulatory Commission (OERC) was the first Regulatory Commission constituted in the electric power sector on November 28, 1996. This was followed by the Central Electricity Regulatory Commission (CERC) which was constituted in August 1998 and the Haryana Electricity Regulatory Commission (HERC) on March 10, 1998. Ten more followed to it thereafter. A need was felt by these regulators for a common platform to discuss emerging issues in regulatory procedures and practices, to evolve common strategies to meet the challenges before regulators in India and to share information and experiences. A meeting was convened of the CERC, OERC and HERC in February, 1999 at New Delhi to discuss the modalities for constituting a suitable forum. The idea quickly found acceptance and as more Regulatory Commissions were constituted, either under State specific Acts, or the Electricity Regulatory Commissions Act, 1998, they started participating in the activities of the Forum of Indian Regulators. The constitution of the Forum does not restrict it only to the electricity sector. However, the membership is so far exclusively of Regulatory Commissions from this sector.