BANGKOK, April 20 (Xinhua) -- The Election Commission of Thailand (ECT) said on Friday that it approved the popular group of "Future Forward Party" and four others to set up political parties to compete in the coming general election.

However, before finally becoming legalized political parties, these political groups need to collect 1 million baht (31,900 U.S. dollars) and convene the first meeting of no less than 250 members within 180 days.

And they also need to ask permission from the ruling National Council for Peace and Order (NCPO) led by Thai Prime Minister Prayut Chan-o-cha to organize the first meeting.

Jarungvit Phumma, acting secretary-general of ECT, said on Friday that the ECT had approved 20 groups out of 99 groups to move on along the registration of new political parties.

"For the first meeting, it is up to the NCPO to decide whether these meetings could actually be held," Jarungvit added.

For the other 79 groups, the acting secretary-general said some of them need to submit more documents to the Election Commission.

The group that won most attention since the Thai government opened for new political party registration is the "Future Forward Party" group led by autoparts billionaire Thanathorn Juangroongruangkit, and Thammasat University law lecturer Piyabutr Saengkanokkul.

"It is the first good news after we started to register the party," Piyabutr said in a video on Friday, adding that NCPO may not hinder them from holding the first meeting, which they already applied to hold on May 27 to elect the whole leadership and decide their political goals, rules, and etc., according to the Thai law.

Thanathorn Juangroongruangkit, 39, executive vice president of Thai Summit Group, an auto parts giant in Southeast Asia, launched the "Future Forward Party" on March 15 with Piyabutr and some other 20 activists and social campaigners.