Compliances of A Nidhi Company

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Annual filings for Nidhi Company

Nidhi Company is a type of Non-Banking Financial Company (NBFC) that has the principal object of borrowing and lending money between its members. This Mutual Benefit Company needs to file little annual compliance and it is famously known as Nidhi Company Compliances. The legal compliances associated with Nidhi Company are prescribed in Nidhi Rules 2014 and the Companies Act 2013.

Compliance Requirements under Nidhi Companies are divided into three parts:

Pre-incorporation Compliances
Post –Incorporation Compliance
Event-based Compliances

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Nidhi Company Annual Compliance

What to keep in mind while doing compliances for Nidhi Company ?

General Compliance
Annual Compliance

Within one year of incorporation, a Nidhi company must satisfy the following conditions:

The no. of members should increase to at least 200
Net owned funds must be Rs. 20 lakhs
Nidhi Company needs to Convene Statutory Meetings.
Net owned funds and the deposits shall be in a ratio not exceeding 1: 20
Nidhi Company needs to Maintain Books of Accounts, statutory Registers
Unencumbered term deposits should be not less than 10 % of the outstanding deposits

Annual Compliance of a Nidhi Company

Form NDH-1 Return of Statutory Compliance
Form NDH-2 Application for Extension of Time
Form NDH 3 Half-yearly return
Form NDH -4
Form AOC-4
ITR-6
Form MGT-7

Have a question? Check out the FAQ

Nidhi Company Annual Compliance

Is Nidhi under RBI?

Nidhi Companies are a form of Non-Banking Financial Companies (NBFCs), but unlike traditional NBFCs, they are not directly regulated by the Reserve Bank of India (RBI). However, the RBI does have the authority to issue directives regarding their deposit-related activities.

Who regulates Nidhi companies?

Nidhi Companies are established under the purview of the Ministry of Corporate Affairs (MCA) and are governed by specific provisions of the Companies Act, 2013, with additional guidelines provided by these rules.

What are the conditions for Nidhi company?

The minimum number of members must be 200. The Net owned funds must be Rs. 10 lakhs. (Net owned funds is the aggregate of paid-up capital and free reserves reduced by the accumulated and intangible assets as appearing in the last balance sheet.)

What is the limit of Nidhi Company?

The number of members should increase to at least 200 within one year of its incorporation. The Net owned funds must be Rs. 20 lakhs (Modified via Nidhi (Amendment) Rules, 2022. The net owned funds and the deposits shall be in a ratio not exceeding 1: 20 that is Net Owned Funds: Deposits = 1:20.)

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