The IPL (Indian Premier League) was set up by the BCCI in response to the formation of the rogue 20-20 league, the ICL (Indian Cricket League).
The ICL was set up by Zee Telefilms who have been denied the Indian TV rights for a number of cricketing events despite being the highest bidder. After failing to gain TV rights for the 20-20 2007 World Cup they decided to create their own league to broadcast.
The IPL was therefore set up to counter this and has been far more successful due to the IPLs acceptance and legitimisation by the ICC and most of world crickets other governing bodies whilst the ICL has been rejected as a rogue league and therefore consists mainly of retired players such as Brian Lara.