Rule 8 Membership
- Text as on
- 14 August 2026
8. Membership.—
(1) A NidhiDefined in rule 3(d): Nidhi means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with the rules made by the Central Government for regulation of such... shall not admit a body corporate or trust as a member.
(2) Except as otherwise permitted under these rules, every NidhiDefined in rule 3(d): Nidhi means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with the rules made by the Central Government for regulation of such... shall ensure that its membership is not reduced to less than two hundred members at any time.
(3) A minor shall not be admitted as a member of NidhiDefined in rule 3(d): Nidhi means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with the rules made by the Central Government for regulation of such...:
Provided that deposits may be accepted in the name of a minor, if they are made by the natural or legal guardian who is a member of NidhiDefined in rule 3(d): Nidhi means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with the rules made by the Central Government for regulation of such....
(4) A member shall not transfer more than fifty percent of his shareholding (as on the date of availing of loan or making of deposit) during the subsistence of such loan or deposit, as the case may be.
Provided that the member shall retain the minimum number of shares required under subrule (3) of rule 7 at all times