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of <h1>New Nidhi Rules: Stricter Criteria for Branches, Deposits, Loans, and Directors; Existing Nidhis to Meet New Standards.</h1> The Nidhi (Amendment) Rules, 2022, issued by the Ministry of Corporate Affairs, amends the Nidhi Rules, 2014, under the Companies Act, 2013. Key changes include defining 'Branch' and stipulating that companies must comply with certain rules or face restrictions on raising deposits or providing loans. Public companies seeking Nidhi status must apply within 120 days of incorporation, meeting specific membership and financial criteria. The rules also address the fit and proper person criteria for promoters and directors, restrict dividend declarations, and outline procedures for branch closures. Existing Nidhis must comply with increased financial requirements within 18 months.
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