The College was started in July 1983 with three classes of commerce by creating wooden partitions in the dilapidated hall without any government grant and in the very first year, 330 students enrolled. In the next year, College was shifted to the present building. In 1988, Arts stream was commenced and the senior College was named as ‘Nagindas Khandwala College of Commerce and Arts’ and the Junior College was named as ‘The Bombay Suburban Grain Dealers’ Junior College of Commerce and Arts’. After 5 year of its existence,the college received the grant from the government. The College ran in two sessions morning and evening for nearly a decade. In 2001,the evening session was scraped and the degree College ran full-fledged in morning and the Junior College ran in the afternoon session.
Affiliated to the University of Mumbai, the College has shown tremendous growth in a short span of time. More than 6500 students are studying in it and taking benefit from various courses offered by the College.