The meeting of around 300 founder members was held at Constitution Club here during which Kejriwal proposed the name of the party which was accepted by other members, sources said.
The Constitution of the party was also adopted at the meeting. It was proposed by Mayank Gandhi and seconded by Chandramohan, they said.
The formation of the party came after a bitter split with Anna Hazare over the question of the anti-corruption movement taking a political plunge as Kejriwal desired.
During the August fast, Hazare and Kejriwal ended the agitation saying they will work for providing a political alternative for the country to fight both Congress and BJP.
However, both Hazare and Kejriwal announced parting of ways on September 19 following differences over forming a party with the former sticking to his position that the movement should remain apolitical.
On October two, Kejriwal announced the formation of the party saying its official launch will be on November 26, the day Constitution was adopted in 1949.
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Ahead of the meeting, Kejriwal said today that common men, women, children are forming their party.
"They are not politicians. They are fed up of politicians. They are the people who are fed up of corruption and price rise. This is why the common man has decided to challenge them. Now the common man will sit in Parliament.
"Party's vision is Swaraj. People should get the 'raj'. That vision will be finalised. 25-30 issues will be discussed which all issues need to be taken first by the party. Committees will be formed. They will make drafts in four-five months. There will discussions through the country," he said.
Activist Yogendra Yadav said that the party will have provisions against domination by one family.
The meeting also saw some disagreement among a section of workers who were not allowed to attend it. A group from Tamil Nadu was seen arguing with a party coordinator on why they were not accommodated. MORE