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of <h1>India Sets New Rules for Nidhis: Membership, Fund Limits, and Business Restrictions Under Companies Act, 1956</h1> The notification issued by the Government of India outlines regulations for companies declared as Nidhis or Mutual Benefit Societies under the Companies Act, 1956. Key directives include restrictions on business activities such as chit funds, hire purchase, and insurance, and limitations on membership and share issuance. Nidhis must maintain a minimum membership of 500 and a Net Owned Fund of at least ten lakh rupees. They can accept deposits up to twenty times their Net Owned Funds and are subject to specific conditions for opening branches, issuing loans, and declaring dividends. Compliance with these regulations is mandatory, and violations may lead to management takeover by a Special Officer.
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