A Nidhi Company is a class of non-banking financial company (NBFC) recognized under Section 406 of the Companies Act, 2013, incorporated with the primary objective of cultivating the habit of thrift and savings among its members.
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Nidhi Company A Nidhi Company is a class of non-banking financial company (NBFC) recognized under Section 406 of the Companies Act, 2013, incorporated with the primary objective of cultivating the habit of thrift and savings among its members. It operates on the principle of mutual benefit, accepting deposits from and extending loans exclusively to its members, thereby functioning as a self-contained financial entity. The regulatory framework governing Nidhi Companies is further supplemented by the Nidhi Rules, 2014 issued by the Central Government. In the context of the Bharatiya Nagarik Suraksha Sanhita, 2023, although the statute primarily governs criminal procedure, a Nidhi Company may fall within its ambit in cases involving financial irregularities, fraud, misappropriation of funds, or breach of trust. Any complaint, investigation, inquiry, or prosecution arising out of such offences—such as cheating, criminal breach of trust, or falsification of accounts—shall be conducted in accordance with the procedural framework prescribed under BNSS. A Nidhi Company is required to be incorporated as a public limited company with a minimum of seven members and must comply with prescribed requirements relating to net owned funds, unencumbered term deposits, and the ratio of deposits to members. It is prohibited from dealing with non-members, issuing preference shares or debentures, or engaging in activities such as chit funds, hire purchase finance, leasing, or insurance business. Its operations are strictly confined to promoting savings and providing secured loans to its members at reasonable rates of interest. From a compliance perspective, any contravention of statutory provisions—such as non-maintenance of proper accounts, unauthorized acceptance of deposits, or diversion or misapplication of funds—may attract civil and criminal liability. In such cases, the procedural safeguards, investigative mechanisms, and trial processes under BNSS shall apply to ensure due process of law. Thus, while a Nidhi Company is primarily governed by corporate and financial regulatory frameworks, any criminality arising from its operations would be addressed within the procedural framework of BNSS, ensuring account
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