Sree Gokulam Chit & Finance Co. Pvt. Ltd.(SGCF)


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Sree Gokulam Chit & Finance Co. Pvt. Ltd.(SGCF), the flagship company of the GOKULAM GROUP OF COMPANIES, is in its 4th decade of service to the nation. The Chit and finance business started in a modest way at Mylapore, Chennai on 23rd July 1968, has grown in stature and size, through hard work, selfless service and prudent management  practices. A.M. Gopalan, MD Our Sincere Honorable Sri. A.M. Gopalan, B.Sc is the Managing Director. He is known to everyone as “Gokulam Gopalan”. Born in 1944. He had graduated from kerala university.

From a humble beginning, he has grown by sheer hard work, dedication and perseverance. A very pious and deeply religious man. Today his company has gained status as the BEST Chit company in India in terms of promptness and customer satisfaction. He is involved in philanthropy and has contributed liberally to many noble causes. Through his business he has helped all his customers to attain growth in status and wealth. His humanitarian views and  empathy have brought him success and glory. More than 4000 staff are working efficiently under his dynamic leadership

He has been conferred with the prestigious “GEM OF INDIA ’96” and “UDYOG RATHNA ’97” award on recognition of this


We are the most trusted chit fund companies in the country today. This has been made

possible because of our strict adherence to following due processes and transparency

in all our schemes. We operate all our chit fund schemes with all registration and com-

pliances being followed under the relevant chit fund act.

The Chit and finance business started in a modest way at Mylapore, Chennai on 23rd

July 1968 by our founder Mr. A.M. Gopalan with 1 branch has served the community

for over 54 years and has grown to 472 branches spread across the country.

Chit fund industry used to be a small unorganized sector with individuals leading the

schemes only for neighbors and the local population.

We at Gokulam were one of the first players to work on scale and bring in processes

and systems to promote the trust worthiness of the schemes. We understood that the

involvement of people, especially women, was of utmost importance to ensure success.

With this in mind, we started to provide the services at the doorsteps of the people

and thus started the growth phase. Based on the capacity of households, they could

join the schemes starting from as low as Rs.100, to plan and save for the family’s


Operating a chit fund involves floating of a chit fund scheme, finding potential mem-

bers, enrolling members into a chit, collecting contributions, conducting chit auctions,

distributing funds, and maintaining books. We are proud of the fact that we have man-

aged to keep abreast of all the changes both on the regulatory front and on the tech-

nological front to provide world class services which are trusted by millions of our


Grow with Gokulam

Chit fund is a kind of savings scheme practiced in India. A chit fund company is a company that manages, conducts, or supervises a chit scheme—as defined in Section of the Chit Funds Act, 1982.

“Chit means a transaction whether called chit, chit fund, chitty, kuree or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amoun

CHIT provides a good source of finance for different type of people viz., small investors, businessmen, small scale industrialists etc.

AChit is the Only Financial Product that allows you to Save and Borrow.
The non prized subscriber who is a saving member up to the last installments gets dividend which is comparatively
higher than the interest that are accrued by way of Recurring Deposit Schemes.

The purpose of drawing the prized amount need not be disclosed. It can be used for any need by the member

How it works

The basic necessity of conducting a ‘Chitty’ is a group needy people called subscribers. The foreman—the company or person conducting the chitty—brings these people together and conducts the chitty. The foreman is also responsible for collecting the money from subscribers, presiding over the auctions, and keeping subscriber records. He is compensated by a fixed amount (generally 5% of gross chitty amount) monthly for his efforts. Other than that, the foreman has no specific privileges, he is just a chitty subscriber. A simple formula depicts the pattern of the chitty:

Monthly Premium x Duration in Months = Gross Amount

E.g., 5000 * 20 = 1,00,000/- Where 5000 is the maximum monthly contribution needed from a subscriber, 20 is the duration of the chitty in months and 1,00,000 is the maximum sum assured. The duration also equals the number of subscribers, as there must be (not more or less) one subscriber to receive the price money every month.

The chitty starts on an announced date, every subscriber come together for the auction/lot. When there are more than one person willing to take this minimum sum, lot are conducted and the ‘Lucky subscriber’ get the prize money for the month. If there is no person willing to take the minimum sum, then a reverse auction is conducted where subscribers open-bid for lower amounts; that is from 1,00,000 >> 90,000 >> 75,000, and so on. The person bidding lowest sum get bid amount.

In both the cases the auction discount, that is the difference between the gross sum and auction amount, is equally distributed among subscribers or is deducted from their monthly premium. For example if the auction is settled on a sum of 75,000, then the auction discount of 25,000 (1,00,000 – 75,000) is divided by 20 (the total number of subscribers) and every one gets a discount of 1000. The same practice is repeated every month and every subscriber gets a chance of receiving some money.


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