Q&A

Does Nidhi company require RBI registration?

Does Nidhi company require RBI registration?

Nidhi Company isn’t required to receive the license from Reserve Bank of India (RBI), hence it is easy to form. It is registered as a public company and should have “Nidhi Limited” as the last words of its name.

How can I apply for Nidhi company?

What are the documents required to register a Nidhi Company?

  1. Directors Identification Number.
  2. PAN number of the shareholders as well the Directors.
  3. Residential Proof of the shareholders and directors.
  4. Photographs.
  5. Identification Documents such as the Aadhar card.
  6. Rent agreement or lease agreement of the Registered office.

What is the maximum number of members in a Nidhi company?

Minimum of seven members is needed to start a Nidhi Company, out of which three members must be the Directors of the Company….What are the Compliances of a Nidhi Company?

Form No Compliance Due Date
Form MGT-7 Annual Return Within 60 days of the Annual General Meeting.

Who regulates Nidhi companies?

the Ministry of Corporate Affairs
Nidhi’s are companies under section 620A of the Companies Act, 1956 (Section 406 of the new Companies Bill 2012, as passed by Lok Sabha) and get regulates under the Ministry of Corporate Affairs (MCA).

How can I register my Nidhi Company in Kerala?

To register a Nidhi Company in Kerala the following documents are required:

  1. The Director Identification Number (DIN)
  2. PAN Card number of the shareholders as well as the Directors.
  3. Residential proof of the shareholders and the directors.
  4. Photographs of the applicant.
  5. Identification documents such as the Aadhar Card.

How can I register my Nidhi company in Kerala?

Can Nidhi Company convert into bank?

Here the question arises, whether a Nidhi Company can be converted into a full-fledged NBFC? The answer to this question is ‘no’. A Nidhi Company cannot be converted into an NBFC or Non-Banking Financial Company, because it is neither beneficial nor easily tenable.

Is Nidhi company a private limited?

Nidhi companies are governed by Nidhi Rules, 2014. They are incorporated in the nature of Public Limited company and hence, they have to comply with two set of norms, one of Public limited company as per Companies Act, 2013 and another is for Nidhi rules, 2014.

What is the difference between Nidhi company and section 8 company?

Section 8 company: No minimum requirement of capital has been specified. Nidhi Company: Minimum paid-up equity share capital of Rs. 500000 is required.

What is the eligibility criteria to register a nidhi company?

Given below is the eligibility criterion to fulfill before registering as a Nidhi Company: Apart from the core members, Nidhi companies must have a minimum of 200 shareholders of the company. Only when a company has this minimum number of shareholders, they can apply for Nidhi company registration.

What is the law and procedure for nidhi company?

Section 406 of Companies Act 2013 and Companies (Nidhi Companies) Rules, 2014 governs The Law and Procedure for Nidhi Company. What is Nidhi Company. ♠ Nidhi” means a company which has been incorporated as a Nidhi with the object of. -Cultivating the habit of thrift and savings amongst its members,

What is the regulatory framework for nidhi company under RBI?

As on date (February 2013) RBI does not have any specified regulatory framework for Nidhi’s. What is Nidhi Company? Nidhi Company is a company registered under Companies Act and notified as a Nidhi company by Central Government under Section 620A of Companies Act, 1956.

What is section 620A of the Companies Act 1956?

Section 620A in The Companies Act, 1956 620A. Power to modify Act in its application to Nidhis, etc. (1) In this section,” Nidhi” or” Mutual Benefit Society” means a company which the Central Government may, by notification in the Official Gazette, declare to be a Nidhi or Mutual Benefit Society, as the case may be.