Hi
How to form a Chit fund company as a private limited. Is any approval required from RBI or any other authority before apply for Name
Krishnabhaarathy
(Managing Director)
(21 Points)
Replied 19 January 2012
Dear Sir.
At first you should get director identification number along with another proposed share holder (at least) and form a private limited company having main object of conducting chit fund business, with the minimum paid capital of one lakh rupees. After getting registered the private limited company, your company can start chit fund business as per central Chit Funds Act 40/1982 with the approval of Registrar of Chits of your Registration District. Before applying name approval no approval is required from any authority.
Krishna Bhaarathy
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