A Nidhi Company is incorporated with the objective of promoting thrift and savings among its members and facilitating mutual benefit by receiving deposits and providing loans within its members. While there is no separate registration required with the Reserve Bank of India (RBI) for a Nidhi Company, the RBI has the authority to issue directives to them. However, Nidhi companies need to fulfill certain minimum requirements for registration, such as having a minimum of 7 members, at least 3 directors, and using the term “Nidhi Limited” in their name. Additionally, within one year of commencement, a Nidhi Company must have a minimum of 200 members.

Nidhi Companies are required to file returns twice a year and annual returns once with the Registrar of Companies (ROC) every year. They also need to file their financial statements in Form AOC 4 and annual return in Form MGT 7 annually with the ROC. The specific forms that need to be filed by a Nidhi Company include Form NDH 1, Form NDH 3, MCA Form MGT 7, and MCA Form AOC 4.

Every Nidhi Company must comply with the provisions of the Companies Act, 2013, and the Nidhi Rules, 2014. Essentially, a Nidhi Company is considered a Public Limited Company and is required to follow all the provisions applicable to Public Limited Companies, unless exempted from specific sections with or without modification.

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