The Governing Board of the Lala Lajpatrai Institute is the authority that runs Lala Lajpatrai College of Commerce and Economics. The President of the Governing Board or his nominee has the power to take decisions about financial, academic, and administrative matters.
Members of the Governing Board:
| Sr. No. | Name of the Member | Designation |
| 1 | Dr. Kamal Gupta | Chairman |
| 2 | Shri Vinod W. Gupta | Trustee |
| 3 | Shri Naresh Gupta | Trustee |
| 4 | Dr. Sunil Gupta | Trustee |
| 5 | Shri Sumeet Gupta | Trustee |
| 6 | Smt. Sumitra Sethi | Trustee |