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Nidhi Company

Nidhi Company comes across a very attractive option for people to get into the habit of savings. It helps its members get access to loans at a much lower rate and with a lot less hassle involved. It tend to raise loan rates and in turn affect the lower and the middle class most notably. To ease this burden there is one such mechanism. This mechanism helps the lower and the middle class people in the country who are troubled by their inability to raise loans or do so at feasible rates. This mechanism is known as a Nidhi Company.

Concepts of Nidhi Company

It is a company operating in the non-banking finance sector recognized under Section 406 of the Companies Act, 2013 which facilitates borrowing and lending only amongst its members, it is different from NBFCs. It is also known as Mutual Benefit Society. The Primary aim of Nidhi Company is to encourage the habit of savings and to provide financial aid to its members. It revolves around the principle of mutual benefit & cooperation. It can prove to be very advantageous to people of lower and middle class since it would yield them better interest and at the same time they could take loans at lower rates. The Ministry of Corporate Affairs (MCA) regulates Nidhi Companies while the RBI has the authority to direct them in issues regarding deposit acceptance. These companies are governed under Nidhi Rules, 2014.

Nidhi Company Registration

How to start a Nidhi Company Registration

Nidhi Company Advantages

Basic Requirements of Nidhi Company

To Incorporate Nidhi Company Basic Requirements are:-

Nidhi Company Registration- Procedure

Requirement after Registration of Nidhi Company – Post Requirements

Post requirements can be summarized as:

Mandatory Compliance for Nidhi Company

The mandatory compliances for a Nidhi Company are as

• Form NDH-1:

As per this form it must to submit the list of members with in a period of 90 days stating from the end of every financial year, in this particular form.

• Form NDH-2:

If the target of 200 members does not meet for company in the first financial year, then request can raise to the MCA (Ministry of Corporate Affairs) for granting an extension in this Form.

• Form NDH -3:

Other than the form mentioned above, i.e., NDH-1 Form, a half-yearly return is also needed to be filed in Form NDH-3.

• Annual Return with the ROC

It is necessary to file its Annual Returns with the MCA by way of Form MGT-7.

• Profit and Loss Statement and the Company’s Balance Sheet

The financial statements and other concerned documents are required to be submitted, on an annual basis, in Form AOC-4.

Points to keep in mind while choosing the name of company - What are the factors?

• Meaningful.

• Short and Simple

• Uniqueness

• Not Similar to any already existing Company’s Name

• Legal character

• Should not be offensive or illegal in nature.

• Should not include the phrase “British India.”Suffix portion is essential.


Q What is the Average timeline for setting up of a Nidhi Company?

An average time period for setting up of a Nidhi Company is 15 business working days .

Q. Is it to use the word “Nidhi limited” in the name of the company?

Yes, it is necessary to use the word “Nidhi Limited” in the name of the company. However, the term “Mutual Benefit” can also be used.

Q. Can a Minor become the director in a Nidhi Limited?

No, a minor is not allowed to become director of a Nidhi Company. Only a person who is a minimum of 18 years old can become the Director of a Nidhi Company.

Q What is DIN?

A DIN is Director Identification Number which is a unique identification number given to every director by the Ministry of Corporate Affairs. It has lifetime validity, and a director can never be allotted with two DINs.

Q. Who is Regulating Authority for Nidhi Company?

The regulations passed by the Ministry of Corporate Affairs and the provision of Nidhi Rules, 2014 act as the regulating authority for Nidhi Company.

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