HOW TO REGISTER NIDHI COMPANY

HOW TO REGISTER NIDHI COMPANY

Nidhi corporations( PH-09330160431)WITH HOW TO REGISTER NIDHI COMPANY  in India are created for cultivating the habit of thrift and savings amongst its members. Nidhi corporations are allowed to borrow from its members and lend to its members. Therefore, the funds contributed for a Nidhi company square measure solely from its members (shareholders). Nidhi corporations are minute compared to the banking sector and is especially accustomed cultivate a savings amongst a bunch of individuals. to find out additional regarding beginning a Nidhi Company in India, you'll also refer to the article “Starting a Nidhi Company” found within the IndiaFilings Learning Center. during this article, we have a tendency to primarily look at the nuances for registration of a Nidhi Company in India.

Nidhi Company Overview

Nidhi firms square measure registered restricted firms concerned in taking deposits and disposal to its members. The activities of a Nidhi Company can fall into the horizon of banking company of India, as a result of it's just like a NBFC. However, as Nidhi firms entirely modify shareholder-members money, tally has exempted Nidhi firms from the core provisions of the tally and totally different rules applicable to a NBFC.

Restrictions on Nidhi Company

The following are some of the restrictions a Nidhi Company is subject to under Nidhi Rules, 2014. As per Rule 6 of Nidhi Rules, 2014, a Nidhi Company shall NOT:

1.       carry on the business of chit fund, hire purchase finance, leasing finance, insurance or acquisition of
securities issued by any body corporate;

2.       issue preference shares, debentures or any other debt instrument by any name or in any form whatsoever;

3.       open any current account with its members;

4.       acquire another company by purchase of securities or control the composition of the Board of Directors of any other company in any manner whatsoever or enter into any arrangement for the change of its management, unless it has passed a special resolution in its general meeting and also obtained the previous approval of the Regional Director having jurisdiction over such Nidhi;

5.       carry on any business other than the business of borrowing or lending in its own name: Provided that Nidhis which have adhered to all the provisions of these rules may provide locker facilities on rent to its members subject to the rental income from such facilities not exceeding twenty per cent of the gross income of the Nidhi at any point of time during a financial year.

6.       accept deposits from or lend to any person, other than its members;

7.       pledge any of the assets lodged by its members as security;

8.       take deposits from or lend money to any body corporate;

9.       enter into any partnership arrangement in its borrowing or lending activities;

10.    issue or cause to be issued any advertisement in any form for soliciting deposit: Provided that private circulation of the details of fixed deposit Schemes among the members of the Nidhi carrying the words “for private circulation to members only” shall not be considered to be an advertisement for
soliciting deposits.

11.    pay any brokerage or incentive for mobilising deposits from members or for deployment of funds or for granting loans.

12.     

Nidhi Company Registration

To start a Nidhi Company in India the primary step is to include a Ld., below the businesses Act, 2013. Hence, a minimum of 3 administrators and 7 shareholders are going to be needed to begin the Ld. incorporation method. throughout incorporation of the Nidhi company, care should be taken to confirm that the article of the Ld. mentioned within the memo of Association is that of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for his or her mutual profit.

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