nidhi company

Nidhi Company Audit & Compliance Services by CAPLUS

A Nidhi Company, governed by Section 406 of the Companies Act, 2013, is a non-banking financial company (NBFC) focusing on lending and borrowing among its members. While operating as a Nidhi Company brings numerous benefits, strict adherence to audit and compliance requirements is crucial to avoid penalties and ensure smooth operations.

At CAPLUS, we specialize in providing end-to-end Nidhi Company audit and compliance services. Our team of experts helps you meet all regulatory requirements efficiently, so you can focus on growing your financial network.

Nidhi Company Audit & Compliance
Importance of Nidhi Company

Importance of Nidhi Company Audit & Compliance

Compliance for a Nidhi Company is mandatory to maintain transparency and build trust among its members. Failure to meet compliance obligations can lead to penalties, loss of credibility, and even cancellation of registration. Here’s why audit and compliance are essential:

1. Legal Adherence: Ensures operations align with the Companies Act, 2013, and Nidhi Rules, 2014.

2. Financial Accuracy: Audits verify the company’s financial records and transactions.

3. Member Trust: Transparent compliance boosts confidence among members and stakeholders.

4. Avoidance of Penalties: Staying compliant prevents hefty fines and legal issues.

Key Compliance Requirements for Nidhi Companies

1. ROC Compliance Filings
Annual Returns (Form MGT-7):   Submission of annual returns detailing the company’s structure and members.
Financial Statements (Form AOC-4):

  Filing of audited financial statements, including balance sheets and profit-loss accounts.

2. Statutory Audit
Every Nidhi Company must appoint a qualified statutory auditor to review its financial statements and records annually. The auditor ensures compliance with accounting standards and regulatory norms.
3. Membership Compliance
A Nidhi Company must have at least 200 members within one year of incorporation..
The Net Owned Fund (NOF) to Deposits Ratio should not exceed 1:20.
4. Deposit Compliance

Nidhi Companies can accept deposits, but:

The total deposit must not exceed 20 times the NOF.

Fixed and recurring deposits must adhere to prescribed limits.

5. Director Requirements

Directors must comply with specific eligibility criteria, including the requirement to serve for a defined tenure.

6. Maintenance of Statutory Registers

Companies are required to maintain:

Member registers.

Loan registers.

Deposit records.

How CAPLUS Can Help with Nidhi Company Audit & Compliance

At CAPLUS, we provide tailored solutions to meet the unique needs of Nidhi Companies. Our services include:

1. Annual Filing & Returns

  We ensure your ROC filings, such as MGT-7 and AOC-4, are accurate and submitted on time.

2. Audit Services

  Our experienced auditors conduct statutory audits to ensure your financial records meet regulatory standards.

3. Compliance Monitoring

  We monitor compliance status regularly, ensuring you adhere to rules like membership thresholds and deposit limits.

4. Advisory Services

We offer expert advice on:

Meeting membership criteria.

Managing deposits and loans.

Maintaining statutory records.

Benefits of Choosing CAPLUS for Nidhi Company Compliance

Expertise:   Backed by years of experience in financial compliance.
Accuracy:   Ensure error-free filings and reporting.
Timely Service:   We prioritize deadlines to avoid penalties.
Cost-Effective:   Competitive pricing tailored to suit your company’s needs.

Step-by-Step Process for Nidhi Company Compliance with CAPLUS

Step 1: Consultation
Discuss your compliance needs with our experts.
Step 2: Audit Preparation
Gather and review financial records, statutory registers, and documentation.
Step 3: Audit Execution
Our team conducts a thorough statutory audit to ensure adherence to regulations.
Step 4: Filing & Submission
We prepare and file all required forms with the Registrar of Companies (ROC).
Step 5: Ongoing Compliance Support
CAPLUS offers year-round compliance support to keep your company on track.

Common Challenges in Nidhi Company Compliance

1. Membership Compliance:

Meeting the minimum member requirement can be challenging for new companies. CAPLUS provides strategies to help attract members.

2. Deposit Limitations:

Nidhi Companies must carefully manage deposits to meet the NOF-to-deposit ratio. We offer guidance on maintaining this balance.

3. Filing Errors:

Errors in annual returns or financial statements can lead to penalties. Our team ensures accurate and error-free filings.

4.Lack of Awareness:

Many companies are unaware of specific compliance rules. CAPLUS educates clients on their responsibilities under the law.

Why CAPLUS?

CAPLUS, is a trusted name in Nidhi Company compliance. With our expertise, you can rest assured that your company’s audit and filing needs are in safe hands.

What is the minimum membership requirement for a Nidhi Company?

What is the penalty for non-compliance with Nidhi Rules?

How often must a Nidhi Company file its annual returns?

Can a Nidhi Company lend to non-members?

How does CAPLUS ensure error-free filings?

What is the NOF-to-deposit ratio for Nidhi Companies?

Ensuring Nidhi Company compliance is vital for maintaining legal status and earning member trust. With CAPLUS, you can rely on expert guidance for all audit and compliance needs. From annual filings to statutory audits, we handle it all, so you can focus on growing your business network.

Contact CAPLUS today for a consultation and experience hassle-free Nidhi Company compliance!

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