NBFC-COMPANY LAW

Nope, i dont think just by accepting deposits from relatives, members, a company can become nbfc. If it accepts deposits from any other person, then it will be violating the definition of a Private Company (sec 3 (iii), but it wont attain the status of NBFC by such violation.

other views are welcomed.

A seprate registration is required with RBI if a company wants to get the status of NBFC and the Memorandum should also allow these activities.