Long before the organised financial Institutions started catering to the credit needs of common people. Nidhis transact only with their members / Share holders. Accepting Deposits and lending are permitted only with their members / Share holders. Shares of nominal value of a Rupee are issued for this purpose. These Shares can neither be traded in the Stock Exchange nor sold in the Market.
“Nidhi” is a Hindi word, which means finance or fund, It is kind of local credit society in the form of a company, here both the lender and the borrower used to be from the same area. Hence, the background of the borrower was well known to the lender. Each loan granted was fully secured as it was backed by tangible asset, namely Gold Jewels or Immovable Property. Financial requirements for family functions, children’s Education, Marriages, Medical Treatment and property Acquisition and the like could he easily met by the common man without hassles because of the presence of Nidhis.
Procedure for Registration of Nidhi Company
- Get Director Identification Number (DIN) and DSC for directors.
- First Get name Approval in the Form of Public Limited Company with adding word Nidhi Limited or Mutual Benefit Company Limited.
- File documents for COI of Public Limited Company Registration in INC-7, INC-22 & DIR-12 with Authorized share Capital of Rs. 10,00,000.
- Filing For Business Commencement.
- Submitting details of minimum 200 members to Nidhi board under MCA/ROC.
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