The Tan Sri Manickavasagam Scholarship Fund (an educational loan Fund) was established in 1972 as the Malaysian Indian Scholarship Fund, by its founder and first Chairman, the late Tan Sri V.Manickavasagam. Tan Sri Manickavasagam became the MIC president in 1973 and was the driving force behind the collection of funds for this charitable society. The fund, since its establishment, has been managed by a Board which regularly elects its office bearers as per its constitution.

On the death of its founder, in 1979, the Board changed the name of the fund to the Tan Sri Manickavasagam Scholarship Fund and elected his son, Mr.RamaniManickavasagm to be the Chairman. The board subsequently changed the name of the fund to Kumpulan Wang Biasiswa Tan Sri Manickavasagam (KWBTSM).

In April 2011, the Board, on the proposal of Mr.RamaniManickavasagam elected Y.B. Datuk Seri G.Palanivel, the MIC president, as the new Chairman to replace Mr.Ramani Manickavasagam, who became the Vice Chairman. In 2015 Dato Seri G. Palanivel relinquished the chairmanship and Mr. Ramani Manickavasagam resumed the chairmanship of the Fund.