About Us

Incorporated Chit Funds Association (ICFA) was formed in the year 1966 to cater to the needs of Chit Fund companies in TamilNadu. It was registered under the Societies Act (Act XXI of 1860) with the Registrar of Assurances, Coimbatore on 15th November 1966, with Registration No. 188 of 1966.

The Registered Office has since been shifted to Chennai and the new Registration Number is 157 / 2019 - Chennai Central

ICFA is a member of the All India Association of Chit Funds.


The objects for which the Association was established are:
  • To diffuse useful knowledge among the subscribers and the Chit Fund Companies.
  • To safeguard the interest of Incorporated Chit Fund Companies by all constitutional means.
  • To conduct seminars for the personnel of the Incorporated Chit Fund Companies, to instruct them in proper management of Companies.
  • To formulate a code of conduct for a uniform working of the Incorporated Chit Fund Companies.
  • To help maintaining the morale in Chit Fund Circles.
  • To elect representatives of the Association to serve on public bodies and other institutions connected with the business, and
  • Generally, to do all such things as may be conducive to the preservation, furtherance and promotion of Chit Fund business.

    • Founder Members of ICFA:


    • Mr. V. Srinivasan Chettiar, The Karur Vasavi Corporation Private Limited, Karur, President
    • Mr. B. Palanisundaram, The Coimbatore South Indian Chit Funds Ltd., Coimbatore, Secretary & Treasurer
    • Mr. T. Purushotham, Sree Visalam Chit Funds Ltd., Trichy Committee Member
    • Mr. K.M. BalaVenkataraman, Salem Sri Rama Vilas Co (P) Ltd., Salem Committee Member
    • Mr. C.G. Venkataramanan, B.Com., A.C.A Raghavans Chit Funds Private Ltd., Coimbatore, Committee Member
    • Mr. P.V. Narayanan NambiyarThe Guardian Investments (P) Ltd., Coimbatore, Committee Member
    • Mr. T.S. Sambamurthy, B.A., Sowdambika Finance (P) Ltd., Coimbatore, Committee Member