Tirupati Trust opens demat account on Balaji's name to enable devotees to donate shares and securities

HYDERABAD: Balaji, the world’s richest god at Tirupati, has now opened a demat account to enable devotees to donate shares and securities, after finding it a tedious task to get physical share certificates dropped in Hundi transferred on his name.

Considered the first globally for a shrine management, Tirumala Tirupati Devasthanams (TTD) has opened demat account (1601010000384828) with the Stock Holding Corporation of India.

PS Reddy, MD and CEO of Central Depositories Service (CDSL), told ET that the innovative move by TTD was primarily aimed at addressing the hassles pertaining to transferring the physical share certificates. “TTD has been receiving physical share certificates as donations by devotees in its open Hundi, which indicates that devotees are interested in donating shares.

TTD viewed that enabling devotees to use the demat account for donations helps both.” Reddy said though TTD is the first shrine management in the country till date to open a demat account, CDSL would explore similar interest from other temple managements in other parts of the country that were receiving shares as donations.

While acknowledging that the temple has been receiving thousands of share certificates valuing lakhs of rupees, a TTD top official, however, refused to divulge details on the quantum and value of shares received so far.