Note on Chit Fund Registration of the Company

• INTRODUCTION:

Chit funds are a popular saving scheme in India, particularly well-suited for accumulating money for specific goals. However, operating a chit fund business requires registration with the concerned authorities.

A chit fund is a type of investment and savings scheme where a group of people contribute a fixed amount of money regularly over a specific period. The collected money is then auctioned among the members, with the highest bidder receiving the entire amount minus a certain commission. The remaining members continue contributing until everyone has won the bid.

• IMPORTANT POINTS:

Registration Authority: Chit funds are registered at the state level. The specific registrar’s office will depend on the state you operate in.

Exemption from RBI: Unlike many financial institutions, chit funds are exempt from registration with the Reserve Bank of India (RBI).

• STEPS INVOLVED IN CHIT FUND REGISTRATION
• DOCUMENTS REQUIRED CHIT FUND REGISTRATION:

1. Certificate of Incorporation of company
2. Memorandum of Association of the company
3. Articles of Association of the company
4. Shop & Establishment Registration Certificate
5. Address proof of the Company
6. Ownership proof of the Company Address
7. PAN Card of the Company
8. Professional Registration Certificate of the Company and Directors
9. List of Directors & Members
10. Bank Statement of the Company
11. Cancelled Cheque
12. Income Tax Return of Directors (Last Five Years)
13. Valuation Report of Directors Properties (With proof of Ownership)
14. Address Proof of the Directors
15. Id Proof of  the Directors
16. PAN Card Copy of the Directors
17. Education Proof of the Directors
18. Any other documents demanded by concerned department
19. Identity Proof of all directors:
20. PAN card or
21. Passport
22. Driving License
23. Voters’ Identity Card
24. Address Proof:
25. Bank Account Statement
26. Passport
27. Driving License
28. Voters’ identity Card
29. Any latest utility bill of home Country of applicant

Name of Identity and Address proof should be same at both proofs. Same documents required for DSC (Digital Signature certificate) application also.

• REGISTRATION WITH GOVERNMENT AUTHORITY:

As per rules and regulations applicable to Private Limited Companies.

• PLACE OF RENDERING SERVICES:

The place of rendering services generally shall be our office situated at Office No. 106, Sr No. 55, Sukhniwas, 15th August Chowk, Mangalwar Peth, Pune – 411011, Maharashtra, India.

• FEES:

Professional fees for the assignment will be as follows:

**Plus GST @ 18% applicable

  **Government fees & Out of Pocket Expenses will be at actual.

We assure for best services from our side for your satisfaction.

Thanking you and assuring best professional services.

Sd/-

Pramodkumar R. Ladda

Company Secretary, Insolvency professional