Auction Details

• Auction for your chit will be held completely online via first-of-its kind, secure auction room facility.

• You can enter the auction room from 10 minutes prior to the scheduled time of auction. The path for entering in your login profile is Auction>> upcoming auctions. Kindly note that for desktops, pop up must be allowed for the site to facilitate opening of the auction room.

• The auction room is an easy to understand, user friendly platform where you will have the option to enter bid amounts, instantly increase bid amounts with dedicated incremental buttons, know which all chittals are participating, know which chittal is the highest bidder currently and for what amount and so on.Auction will be held by openly placing increasing bids and who ever places the highest bid will be declared as winner.

•  Bids can be made from 5%- 30% of the total amount of the chit( Sala). The auction is held in such a manner that the bid amount that you place is the amount that you are willing to forgo in order to finalise the auction for yourself.
  For example, suppose you are participating in a 10 lakhs INR sala chit. The auction will commence with 5% of the value,ie, 50000. If you make a bid for 1 lakh, it means that you are willing to forgo 1 lakh INR in order to get the auction, which means will get 9 lakh INR( inclusive of GST).

• After a bid is made, the system will wait for 1 minute for other participants to out bid. If no higher bids are coming, then the system will make the first call, which will be shown in an animated description. The system will further wait for another minute and makes the second call if no higher bids are coming. FInally after waiting another minute, the third call will be made and simultaneously the auction will be finalised. This will remain the case for auction proceeding up until 28th minute of the auction.

• The maximum time allocated for all auctions is 30 minutes. In order to restrict all biddings within that time frame, a secret bid facility is activated at the 28th minute. In secret bid, all participants can make one final bid for the best amount that they are willing to forgo. The bid amounts are held as secret and won't be revealed to other participants. 2 minutes will be allocated for this and whoever bids for the highest amount in the secret bid wins the auction.

• In case if you are not able to attend the auction in that stipulated time, then you can set a Proxy amount in your app. The system will automatically make bids up until the amount as given by you while registering the proxy. Proxy can be set for 11 months and can be deleted at will. Proxy can be registered by the path Proxy>>Proxy registration.

Note:

1. Proxies must be registered before 10 minutes from the scheduled time of an auction for it to be considered in that auction.

2. If a proxy is registered for a particular auction, then you won't be able to directly bid in that auction, unless the registered proxy is deleted before 10 minutes from the scheduled time of auction.

3. Proxy rules will remain superior to secret bid rules in case of certain contradictory conditions.