The college was formally opened on Monday, 20 January 1817 with 20 'scholars'. The foundation committee of the college, which oversaw its establishment, was headed by Raja Ram Mohan Roy. The control of the institution was vested in a body of two Governors and four Directors. The first Governors of the college were Maharaja Tejchandra Bahadur of Burdwan and Gopee Mohan Thakoor. The first Directors were Gopi Mohun Deb of Sobhabazar, Joykissen Sinha, Radha Madhab Banerjee, and Gunganarain Doss. Buddinath Mukherjee was appointed as the first Secretary of the college. The newly established college mostly admitted Hindu students from affluent and progressive families, but also admitted non-Hindu students such as Muslims, Jews, Christians and Buddhists.