MACIL was incorporated on 21st July, 2000. The company got its certificate of commencement of business on 7th August 2000 and started business under Chit Fund Act, 1982. The Company conducted the first auction on 11th day of September, 2000.

Main features of Manappuram Chits:

 

The paid up Capital of the Company is 1 million.
 
The Company is managed by its Board of Directors drawn from various fields such as Finance, Information Technology, Management, Accountancy and Law.
 
All the Chits are started only after getting registration under the Tamil Nadu Chits Rules 1984 under Chits Funds Act 1982. An amount equal to the chit amount is to be remitted at a scheduled commercial bank in favour of the Registrar of Chits. The same is held as security by the Registrar of Chits till the termination of chits as security against any probable default by the Company.
 
The Company levies only 5% of the chit amount as Foreman`s Commission. The entire auction discount is distributed against bid and non-bid subscribers equally.

The Company commences at least 2 chits having a minimum chit amount of Rs. 100,000 every month. The Company generally commences its chits with an instalment amount of Rs. 1000, Rs. 2000, Rs. 2500, Rs. 5000, etc.
 The Company has so far started 116 group of chits and disbursed Rs. 123,197,000/- amongst the subscribers.
 
Future Prospects:

The Corporate mission of Manappuram Chits (India) Ltd. is to become the best Chit Fund in the country functioning under the Chits Fund Act 1982.
 A humble beginning has been made in this direction by reporting a net profit of Rs. 310,264.22 on a paid up capital of Rs. 1 million in the very first full year of operation itself.