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Nidhi Company is a company registered under the Companies Act, 2013, which has a sole objective of cultivating the habit of thrift and savings amongst its members. Nidhi companies are allowed to take deposit from its members and lend to its members only. Therefore, the funds contributed for a Nidhi company are only from its members (shareholders) and used only by the shareholders of the Nidhi Company. Nidhicompany is a class of NBFCs and RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities. However, in recognition of the fact that these Nidhis deal with their shareholder-members only, RBI has exempted the notified Nidhis from the core provisions of the RBI Act and other directions applicable to NBFCs. Therefore, Nidhi Company is an ideal entity to take deposit from and lend to a specific group of people.
Nidhi company registration is recognized under section 406 of the Companies Act, 2013 and is governed by Nidhi Rules, 2014.
Is regulated by the Ministry of Corporate Affairs and Nidhi company registration is done like a Public Limited Company.
The Reserve Bank of India has the authority to issue directives to the Nidhi Company regarding their deposit acceptance activities. However, to form the company or register it, no formal approval from RBI is required.
The primary business of these companies is to borrow and lend to its shareholders-members only.
It is mandatory that within a year of Nidhi company registration, it must have a minimum of 200 members on-board.
A Nidhi Company needs to add the words ‘Nidhi Limited’ to at the end of the company name.
80% of Nidhi company registration in India is done in Tamil Nadu.
1. Ownership documents or a rent/lease agreement has to be provided as a proof of address of the registered place of business
2. A No Objection Certificate (NOC) duly signed by the landlord or the owner of the place where the business is registered
3. Identity proofs
4. Address proofs of the members of the company
5. Photographs of the members of the company
6. Digital Signature Certificate (DSC) of the company
7. Copies of PAN cards of the members
8. Director Identification Numbers (DIN) of all the directors
9. Certified copy of the updated Memorandum of Association (MoA) of the company
10.Certified copy of the updated Articles of Association (AoA) of the company
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