The successful registration last week of the Ruamphalang Prachachartthai Party, or the Action Coalition for Thailand (ACT), is seen as symbolising the commitment of protest leader Suthep Thaugsuban, the party's de facto leader, to reinvent Thai politics and push for national reforms.
After months of street protests to oust the Pheu Thai Party-led administration of Yingluck Shinawatra that culminated in the coup of May 2014, Mr Suthep stepped away from the political scene and focused his energy on the Muan Maha Prachachon Foundation that he also chairs.
Even so, the leader of the now-defunct People's Democratic Reform Committee (PDRC) street protest movement has emerged from time to time to endorse Prime Minister Prayut Chan-o-cha to return as prime minister after the general election, which is expected in February.
It was widely believed that the forces behind the Muan Maha Prachachon Foundation would form an eponymous party to drive the movement's reformist agenda and support Gen Prayut, but instead, the public has witnessed the formation of the ACT.
According to an ex-PDRC source, Mr Suthep met earlier with several key public figures to discuss the formation of a political party.
Mr Suthep faced resistance from some of his PDRC supporters, however. They reportedly wanted him to keep to his word when he vowed not to contest any future election.
They thought he had already earned recognition for fighting for national reforms and he should continue to pursue that goal in other capacities, such as his role as the foundation chief and potentially a lobbyist.
However, those who agree with the idea of forming the new party see it as an opportunity to reinvent the political system in line with the PDRC's reformist agenda.
A logo was reportedly designed for this planned party and a campaign was organised to mobilise support through a marathon walk, similar to the PDRC's walks during the street protests years ago.
Moreover, many of the ex-PDRC members who were expected to play a key role in the planned party decided to return to the Democrats while others reportedly took an interest in other political entities.
Witthaya Kaewparadai, a former leader of the PDRC and former Democrat member, said some Democrat members are not happy with Mr Suthep forming a PDRC-affiliated party on the basis that they share the same support base as the Democrats and they would compete against each other.
There were also reports that the regime's allies had approached Mr Suthep to join the Pracharath Party which is said to have the blessing of Deputy Prime Minister Somkid Jatusripitak.
"There were talks but Mr Suthep disagreed with the method of luring politicians to the new party," said the source.
Democrat leader Abhisit Vejjajiva said it remains to be seen how well the ACT would do, adding the harmony of ideas between Mr Suthep and others is still in question.
For example, Anek Laothamatas, chairman of the reform panel on politics who is strongly tipped as a candidate to lead the ACT, made it clear that the party is not interested in supporting Gen Prayut's return.
Mr Anek admitted he and others were in the process of founding a political party that would meet the charter's purposes. That party is understood to be the ACT.
According to Mr Anek, the party in question was not conceived based on who it would support as prime minister.
Mr Abhisit said some of the party founders are also deemed to oppose the so-called Thaksin regime while Mr Anek stressed that it is time to move past colour-coded politics and embrace reforms.
He also said it would be interesting to find out if the ACT Party is the political arm of those who previously led the PDRC movement.
According to the Democrat leader, technically the ACT is not. However, because the new party's founders want to engage Mr Suthep in party affairs, the new party is still associated with the defunct PDRC in one way or another.
Thaweesak Na Takuathung, Mr Suthep's lawyer, filed an application with the Office of Election Commission last week to register the party.
The ACT has 32 co-founders including Thanee Thaugsuban, Mr Suthep's younger brother, who plans to get Mr Suthep on board as an adviser without any executive position.