Compliance Check List for Nidhi Company

Sl No

Activities /Compliance Parameter

Remarks

1

Open a current account with any scheduled bank in the name of the Company

Immediately

2

File Form 20A accordingly before commencing its business operations.

Within 180 days of incorporation

3

Within a period of one year from commencement of the rule , ensure that it has-

(a)  not less than two hundred members;

(b) Net Owned Funds of Rupees Ten Lakh (Rs. 10,00,000) or more;

(c) Unencumbered (i.e. free from any kind of charges) term deposits of not less than ten percent. of the outstanding deposits, and

(d) Ratio of Net Owned Funds to deposits of not more than 1:20.

Regular

4

In the event the Company is not complying with (a) or (d) above, it shall within thirty days from the closure of the first financial year, apply to the Regional Director in Form NDH-2 for extension of time.

30 days

5

Comply with the contents of the application form as prescribed.

Application form for deposits

6

For the purpose of identification, take proof of identity and address as prescribed (not older than two months) from depositors.

PAN/AADHAR etc

7

Adhere to norms as prescribed under Rule 20 of the Nidhi Rules, 2014.

Prudential Norms

Filing compliance with ROC/MCA(A Nidhi Company has to meet compliances prescribed in the Companies Act 2013 as well as in Nidhi Rules 2014.

1

• Form NDH-1 (Return of Statutory Compliance)

NB- This form contains all the details regarding members, loans, deposits, reserves etc for full financial year.

E-Form GNL-2 Form for submission of documents with the Registrar.

• Within 90 from the close of financial year along with fees .Duly certified by PCA/PCS/CMA

2

Form NDH-2(Application for Extension of time)

E-Form RD-1 Applications made to Regional Director.

Application for extension of time for not complying the (a) or (d) mentioned in 3 above with fees to RD. Within 90 days from the closure of the financial year

3

• Form NDH-3 (Half Yearly Return)

• NB- Contains the details of Number of Members admitted during the half year, number of members ceased to be members and total number of members as on the date, Loan granted by Nidhi company along against the particular security and Deposits accepted by the Nidhi company form its members.

E-Form GNL-2 Form for submission of documents with the Registrar.

• Within 30 days from the conclusion of each half year along with fees. Duly certified by PCA/PCS/CMA

4

• Form NDH-4 (Form for filing application for declaration as Nidhi Company and for updation of status by Nidhis.)-
•  
• NB- Introduced by Nidhi (Amendment )Rule 2019 w.e.f 15th Aug 2019.

Note- Failure to file form NDH-4, Companies shall not be allowed to file Form No.SH-7 (Notice to Registrar of any alteration of share capital) and Form PAS-3 (Return of Allotment).

Incorporated after 1^st July 2019- Within 60 days after the expiry of 1 year from the date of its incorporation with fees

Incorporated before 1^st July 2019-

Within a period of 1 year from its date of incorporation OR within 15th Feb 2020 with fees.

5

• Form AOC-4 (Return for financial statements)

• Within 30 days of Annual General Meeting;

 6

Form MGT-7 (Annual Return)

Within 60 days of Annual General Meeting.

7

Income Tax Return

By 30^th September