The riches temple of India, Tirumala will now be officially an investor into stock market. That’s right, TTD confirmed that the Devasthanam of riches had opened a dematerialised or demat account. This demat account allows the investors to hold their stocks and securities in an electronic form. Meaning the temple will now accept donations in the form of equity shares from the millions of devotees. This also makes TTD a prime shareholder in India’s stock trading.
“TTD has been receiving physical share certificates as donations by devotees in its Hundi, which indicates that devotees are interested in donating shares. TTD viewed that enabling devotees to use the dmat account for donations helps both” said P S Reddy, Managing Director and CEO of Central Depositories Service, a Mumbai based company.
Past had seen few important temples also dabble with the concept of stock trading. These include Mumbai’s famous Shree Siddivinayak Temple, the Jagannadh Temple in Puri, Odisha and Vaishnodevi Temple trust in Jammu and Kashmir. Interestingly, these temples have stuck to solely investing in mutual fund schemes.
TTD’s entree into stocks only indicates the new rise of money influx. Hopefully, a meaningful benefit should result from this strong move.