The students and alumni members including Oscar-winner Resul Pookutty and filmmaker Girish Kasaravalli met Jaitley in his North Block Finance Ministry office here.
The delegation also held an "inconclusive" meeting for two hours with the senior ministry officials, who heard their demands, according to sources. However, some who attended the meeting said there were some "positive" indications of resolving the issue.
The appointment of Chauhan, who played Yudhisthira in TV serial 'Mahabharat', as the FTII chief triggered protests among the students there as they called for a person of a higher stature to head the institution. Similar sentiments were also expressed by some of the alumni of the institution.
They also alleged that BJP member Chauhan's appointment was an attempt to "saffronise" the institute.
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With the students refusing to relent and not attending classes since June 9 when the appointment was made, I&B Ministry invited them for talks to sort out the issue.
The students staged their protest outside Shastri Bhavan, which houses the Information and Broadcasting Ministry office.
Students from Jawahar Lal University (JNU) and other professional institutes too joined the protests with FTII students in the capital this afternoon.
Meanwhile, Chauhan said he was confident that the ministry will find a solution.
"I got to know about the meeting through media. I will accept whatever they decide. I have been saying that protest is not the solution to the problem. It is good that they sat down together to find a solution," he told PTI.
"I am sad that I did not get a chance to perform. I was given a responsibility but I am being prevented from fulfilling it.