Chit Fund Company Registration
Register a Chit Fund Company under the Chit Funds Act, 1982 — state-regulated savings and lending instrument for communities.
Key Benefits
Eligibility & Requirements
- Must be registered as a company (Pvt Ltd preferred)
- State government registration under Chit Funds Act, 1982
- Security deposit with state government (varies by state)
- Foreman must be licensed and registered
Documents Required
Frequently Asked Questions
Is chit fund regulated at state or central level?
Chit Funds are regulated primarily at the state level under the Chit Funds Act, 1982. Each state has its own rules and a Registrar of Chits. The Chit Funds (Amendment) Act, 2019 brought some uniformity to the sector.
What is the role of a Foreman in a chit fund?
The Foreman organizes the chit — collects monthly contributions from subscribers, conducts auctions/draws, pays the prize amount to the winner, and maintains records. The Foreman earns a commission (typically 5% of chit value).
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