The committee was formed by Chief Minister Amarinder Singh to also bring about transparency and accountability in the education system.
The meeting was presided over by the Medical Education Minister Brahm Mohindra and attended by Technical Education Minister Charanjit Singh Channi and Higher Education Minister Aruna Chaudhary who are members of the committee.
The motive behind forming the body was to ensure norms and standards for government and private institutes are implemented, Mohindra said.
Channi said that private and government higher educational institutes must meet the changing trends in education and the demands of the industry.
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He said the Congress had promised in its election manifesto to bring educational reforms by setting up of a regulatory body.
Channi told reporters that the committee members discussed various issues related to forming regulatory body and sought their written suggestions on the issue.
Higher Education Minister Aruna Chaudhry said the regulatory body would be formed keeping in mind the interests of students.
Later, a delegation of private colleges, under the leadership of Ashwani Sekhri and Inderjit Singh Zira, also had a meeting with the committee's members.