They are regulated by Ministry of Corporate Affairs, which is also empowered to issue directions to them in matters relating to their deposit acceptance activities.
Nidhi means a company which has been incorporated with the object of developing the habit of thrift and reserve funds amongst its members and also receiving deposits and lending to its members only for their mutual benefit.
Every Nidhi Company must ensure within a period of one year from the commencement that it has not less than 200 members.
The Ministry of Corporate Affairs vides its notification dated 18 February 2020 effective from 23rd February 2020 has further amended the Companies (Incorporation) Rules, 2014 thereby substituting the old form INC-32 (SPICe) with web service SPICe+ along with certain other amendments.
Upload the Form on Ministry of Corporate Affairs Nidhi company registration is simple and less complex as compared to other types of finance companies like NBFC which require RBI license to start.