Speaking about OA Journal, here is fine resource:

Starting an Open Access Journal: a step-by-step guide

https://www.martineve.com/2012/07/10/starting-an-open-access-journal-a-step-by-step-guide-part-1/

https://www.martineve.com/2012/07/11/starting-an-open-access-journal-a-step-by-step-guide-part-2/

Speaking about OA Journal, here is fine resource:

Starting an Open Access Journal: a step-by-step guide

https://www.martineve.com/2012/07/10/starting-an-open-access-journal-a-step-by-step-guide-part-1/

https://www.martineve.com/2012/07/11/starting-an-open-access-journal-a-step-by-step-guide-part-2/

I agree Prof. Ljubomir!

This is fine thread about the issue. It is not only about the cost, but about everything needed to start a new Journal. Almost 200 answers!

https://www.researchgate.net/post/What_does_it_cost_to_run_a_scientific_journal?exp_tc=tprc

I know two editor friends in RG, enclosing their profiles, so that you can contact them

https://www.researchgate.net/profile/Subhash_Kundu

https://www.researchgate.net/profile/Mariia_Rubtcova

Yes, I think digital preservation of articles is necessary as we are moving more and more towards e-journals. Attached are two articles on such access.

Best regards,

Debra

http://www.amjbot.org/site/subscriptions/accessterms.xhtml

http://digitalcommons.unl.edu/cgi/viewcontent.cgi?article=2798&context=libphilprac

I agree with everyone's comments

There is a commercial aspect to publishing journals that I do not go into. What I would like to mention is that there is an age-old tradition of publishing journals when a person or a group of like-minded persons come to the conclusion that a particular branch of science/research should receive preferential attention; they may conclude that the research in a particular important area is either neglected or is not pursued in a systematic manner. Such person or group of persons then attempt to create an environment where their objectives can be realised. By creating a journal and acting as its editor/editors, they will be in a position to orchestrate research nationally and/or globally. They can commission relevant review articles, stimulate research in areas where they believe research is patchy (editorials are means by which the editor/editors directly communicate with their readership), organise conferences and workshops (and publish the peer-reviewed and edited proceedings of these events), etc. For such undertaking to be successful, it is naturally necessary that the person or persons undertaking the task are recognised as authorities in their fields of expertise.

As for the question "Is Digital preservation of articles a necessary thing?", my answer is yes. Works that are not preserved, cannot be possibly cited (cited material must be traceable). In fact, once one undertakes to publish works by others, preservation of these works become a moral obligations.

I agree with Prof. Ljubomir and want to propose my technical reports in areas of mathematics as possible candidates to the journal.

Find your niche. Start up a research group.

Draw up your style guide which lays down the laws for submission. E.g. Only papers in Latex will be accepted. Appoint an editorial board.

Have a conference, and use the best fifth of the papers to start a journal.

Get your postgraduate students to contribute to the first issues for marks.

Publish an on-line and paper journal with financial support (seed money) from your university.

Don't try to do everything yourself. Get staff. Contact and use like-minded colleagues who are willing to contribute papers, or act as referees for free.

Don't worry about being indexed initially. Good luck. 

... I agree with Ljubomir too ...

How to start a Journal in India? Legal/Government Procedures

See link!

http://academicpublication.blogspot.in/2012/01/how-to-start-journal-in-india.html

Congratulations and best of luck  dear Sudev. Wish you more success.

Mathematicians aim to take publishers out of publishing!

"The initiative, called the Episciences Project, hopes to show that researchers can organize the peer review and publication of their work at minimal cost, without involving commercial publishers..."

Nice initiative dear @Sudev! :)

http://www.nature.com/news/mathematicians-aim-to-take-publishers-out-of-publishing-1.12243

Dear Sudev

congratulation in advance you have started very correctly

 Agree with Jacic,  any team of research working in one field should  organize the peer review and publication of their work at minimal cost  your respected future journal will be the one

regards -- Saif 

Start your journal in the USA, and you can do it as you want to do it.  Be a maverick and do it your own way!

I think that you could keep both digital and paper copy of the journal articles as they both have their appropriate place in use.

Dear colleague,

I think that in Ljubomir Jacic's attachments you can find many 

Concerning your questions about launch of a new journal you must:

 -  register your journal -the procedure is different for different countries,

 -  appoint members of editorial board

 -  appoint one or more chief editors,

 -  get ISSN for electronic as well as hard  edition

 The board is very crucial. Academic journals work on a system of academic capital; you need respectedin atachment individuals who are willing to sit on your board. Get good people who are respected within your discipline(s). Besides Editorial board you must have:

 -  Peer reviewers, you must

 -  Copy editors,

 -  Proofreaders, ...

Since I am one of the two Editors in chiefs of journal "Sarajevo Journal of Mathematics, I send you a web-site of the cover of our journal

 http://www.anubih.ba/Journals/SJMATH.html                                             maybe you will be useful.   

All best, Mirjana Vukovic

Dear Sudev Naduvath

·         If your new journal is free for every reader, I think you can use the project on RG as the first step. You can invite some Mathematic scientists to be Collaborator or author or editor. When the follower and readers increased you will have more choice.

 If the framework of a project is not good for your journal, you can tell the programmer on RG for some changes.