Nidhi Company Registrationmeerad2018-08-15T22:27:33+05:30
Nidhi Company Registration
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WHAT IS Nidhi Company?
A NIDHI company is one that belongs to non-banking Indian finance sector and is recognized under section 406 of the companies act 2013. Their core business is borrowing and lending money between their members. They are also known as Permanent fund, Mutual funds and Mutual benefit company. They are regulated by Ministry of Corporate Affairs.
NIDHI company registration requires minimum 3 members. All the NIDHI company’s incorporated shall have the last word as “Nidhi Limited” as a part of its name. Nidhi company is easy and economical to register.
Some requirements of Nidhi company:
At least 7 shareholders
At least 3 directors
Minimum capital of 10 lacs
DIN for all directors
Atleast 200 shareholders
Net owned fund shall not be less than 10 lacs
Unencumbered deposits of not less than 10% of the outstanding deposits
Net owned funds to deposits ratio should be more than 1:2
A member can borrow money at cheaper rates than bank.
Encourages its members to save money.
No external interference in the management
Requires minimum documentation and formalities
Investments are secured here
Only members deposit money.
Availability of credit is restricted.
Falls under RBI vigilance.
Central government do not totally exempt it from regulatory framework.