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The AFI will leave the door open for public and private entities to take care of the top athletes.
India picked up two gold, four silver and three bronze on the day which was marred by controversy in the women's 100m hurdles final.
Former Olympian Sumariwalla will serve on the Executive Board for four years.
Powell helped India get the 4x100m relay bronze at the 1970 Bangkok Asian Games.
Chopra had missed the Birmingham CWG due to a "minor" groin strain he suffered while winning a historic silver in the World Championships.
Chand, who won the the 5,000m and 10,000m gold medals in the 1978 Asian Games, passed away at the age of 69.
Speaking at the two-day Annual General Meeting of the AFI, Anju, the country's lone World Championships medallist, said many of the banned drugs being used, have been brought by athletes caught for doping originated from abroad.
The contract of the 59-year-old German, a former world record holder, was valid until the end of the Tokyo Olympics.
The huge gathering meant that social distancing norms went for a toss as several, quite a lot of them without masks, rushed in to catch a glimpse of the stars.
The legends of Indian athletics extolled star javelin thrower Neeraj Chopra's gold medal winning feat at the Olympic Games, terming it a "defining" and "watershed" moment in country's sports history.