Nidhi Company Registration in India is governed by the Ministry of Corporate Affairs under the Nidhi Rules, 2014. Here’s a detailed description of the process as outlined by CA Amit K Chawla & Co.:

1. Understanding Nidhi Company: Firstly, it's crucial to understand what a Nidhi Company is. It's a type of NBFC (Non-Banking Financial Company) which facilitates the habit of savings among its members. Nidhi Companies are regulated by the Ministry of Corporate Affairs (MCA).

2. Pre-Requisites: Ensure that you fulfill the following requirements before proceeding with the registration process:

   • Minimum 7 members
   • Minimum Net Owned Fund (NOF) of Rs. 10 Lakhs
   • All members must be individuals
   • No External Commercial Borrowings (ECBs)
   • Limited to lending and borrowing from its members only

3. Name Approval: Choose a unique name for your Nidhi Company and apply for its approval through Form INC-1. The name should not resemble any existing company or trademark. Ensure that the proposed name includes "Nidhi Limited" at the end.

4. Drafting Memorandum & Articles of Association: Draft the Memorandum and Articles of Association (MOA & AOA) of the company. These documents define the objectives and rules governing the company's operations.

5. Application Submission: Prepare the necessary documents including the MOA & AOA and submit the application for Nidhi Company registration in Form INC-7 along with Form INC-22 (Notice of Situation of Registered Office) and Form DIR-12 (Particulars of Directors).

6. Verification by ROC: The Registrar of Companies (ROC) will verify the application and documents submitted. If everything is in order, they will issue the Certificate of Incorporation.

7. Commencement of Business: Once you receive the Certificate of Incorporation, you need to commence business within one year of incorporation. Form INC-20A (Declaration for Commencement of Business) needs to be filed within 180 days of incorporation.

8. Statutory Compliance: After incorporation, ensure timely compliance with statutory requirements such as filing annual returns, maintaining books of accounts, conducting annual general meetings, etc.

9. Other Registrations: Obtain PAN, TAN, and GST registration for your Nidhi Company as per the requirement.

10. Operational Guidelines: Follow the operational guidelines laid down by the Ministry of Corporate Affairs for Nidhi Companies. These include rules related to lending limits, interest rates, membership criteria, etc.

11. CA Certification: Obtain a certification from a practicing Chartered Accountant (CA) stating that your Nidhi Company has the required minimum number of members, NOF, and complies with other regulatory requirements.

12. Ongoing Compliance: Ensure ongoing compliance with regulatory requirements, including filing annual returns, maintaining statutory registers, conducting board meetings, etc.

Remember if you are going to Nidhi Company Registration then, it’s advisable to seek professional assistance from a qualified Company Secretary (CS) or Chartered Accountant (CA) like CA Amit K Chawla & Co. to ensure smooth registration and compliance with all legal requirements. Contact Us now at +91-9044742447