The 10 participating teams have been divided into two pools, with the top two from each advancing to the semifinal.
The final will be played on September 16 under lights.
The winning team will be richer by Rs five lakh and the runner-up will receive Rs 2.5 lakh, the tournament director said adding there were numerous individual prizes.
Also, this year, Murugappa Group Company, EID Parry will be giving away two special awards Parry's Amrit Most Natural Player of the Tournament and Parry's Spirulina Best Defensive Player of the Tournament.
The winners will receive a cash prize of Rs 10,000 each along with a gift hamper.
MCC president K Dhananjaya Das said he expected quality contests as the top teams from across the country were in the fray.
Parrys Industries (a Murugappa Group company) Managing Director Arun Murugappan said it was nice to see the top teams from across the country and top players participate in this event.
The host MCC will play the traditional exhibition match against 'The Hindu' tomorrow.
The pools: A: ONGC, Railways, Indian Army XI, Central Secretariat hockey team, Mumbai Hockey Association.
Pool B: Bengaluru Hockey Association, IOC, Punjab & Sind Bank, Indian Navy, Chennai Hockey Association.
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