To advise and guide the Foundation in the matters of operation of the scheme of Awards, a Council of Advisors has been constituted.

Dr. Shrimannarayan, well-known educationist and Gandhian economist was the first Chairman of the Council. Thereafter, Justice M. Hidayatullah, former Chief Justice and Vice-President of India, who was on the Council since the beginning, took over as its Chairman until his demise in 1992. Shri C. Subramaniam, former Union Minister and Governor of Maharashtra and President of the Bharatiya Vidya Bhavan was the Chairman till his demise in 1999. Dr. L.M. Singhvi, former High Commissioner of India in U.K. and MP was Chairman of the Council until his death in 2007. Dr. P. C. Alexander, former Governor of Maharashtra and Tamil Nadu, High Commissioner of India in UK and a former Member of Parliament, Rajya Sabha was Chairman of the Council till 10.2.2011. Justice Chandrashekhar S. Dharmadhikari (Retd.) was the Member of the Council of Advisors of the Foundation since 1986. Later on he was the Chairman of the Council from 2011 till his demise on 3.1.2019. Dr. R. A. Mashelkar, FRS, National Research Professor & Former Director General, Council of Scientific and Industrial Research, is the present Chairman of the Council.

Members of the Council are:

• Dr. R. A. Mashelkar, FRS (Chairman) and (Former Director General, Council of Scientific and Industrial Research)
• Dr. Sudarshan Iyengar (Former Vice Chancellor, Gujarat Vidyapeeth and Professor, Gandhian Philosophy)
• Mr. Anami Roy (Former Director General of Police, Maharashtra & Founder Chairman, Vandana Foundation)
• Dr. Anil Gupta (Professor, Indian Institute of Management, Ahmedabad)
• Prof. Ashok Jhunjhunwala (Professor, Department of Electrical Engineering, IIT, Chennai)
• Dr. Pheroza Godrej (Chairperson, Godrej Archives Council)
• Prof. Vandana Chakrabarti (Ex-Pro Vice Chancellor, SNDT Women's University)
• Ms. Anu Aga (Retired as Chairperson, Thermax Limited)
• Mr. Rajagopal P.V. (Founding Member, Ekta Parishad & Managing Trustee, International Gandhian Initiative for Non-violence and Peace)
• Mr. Amit Chandra (Chairperson & Founder, Bain Capital – India Office & Co-Founder, A.T.E Chandra Foundation)
• Mr. Sanjit (Bunker) Roy (Founder & Director, The Social Work and Research Centre)
• Ms. Supriya Sule (Member of Parliament, Lok Sabha and Director, Yashaswini Abhiyan)
• Dr. Vidya Yeravdekar (Principal Director, Symbiosis and Pro Chancellor, Symbiosis International University)
• Ms. Minal Bajaj (Trustee & Hon. Director, Jamnalal Bajaj Foundation)
• Ms. Shubhangi Karkannavar (Secretary, Jamnalal Bajaj Foundation)
• Mr. Shyam Maniyar (General Manager, Jamnalal Bajaj Foundation)

Trustees and the Hon. Director are ex-officio members of the Council.