The first IILF Wealth Mumbai Junior and International Open Chess Tournament is scheduled to be held in Mumbai from January 28 to February 5.
With a record prize fund of Rs 7.5 lakh (or USD 12000) for the juniors (under-13), it is all set to be recognised as world's richest tournament for juniors - surpassing the Dubai Junior Chess Championship, which has prize pool of USD 10,000, a media release said on Saturday.
The event is expected to draw the cream of chess talents across the world with kids vying for the winner's purse of Rs 1.5 lakh.
A parallel 'open' event has also been planned simultaneously with a similar prize fund of Rs 7.5 lakh (or USD 12000) and is bound to attract a good number of Grandmasters and International Masters across the country.
Both the events would be conducted in a classical format of 9-round swiss-league with a time-control of 90 minutes for 40 moves followed by 30 minutes for rest of the game. The open event is scheduled in the morning session while the junior event is slated in the afternoon.
The tournament is being organised by Indian Chess School under the aegis of World Chess Federation (FIDE), All India Chess Federation, Maharashtra Chess Association and Mumbai Suburban District Chess Association.