Siddhivinayak Temple in Mumbai,Maharashtra,India to take shares as donation

Shree Siddhivinayak Ganapati Temple Trust, which manages the Shree Siddhivinayak Temple in Mumbai has tied up with SBICAP Securities to provide an electronic platform through which devotees can make offering of shares of listed companies as donation.

Devotees will initially be able to offer shares through the demat account set up for the temple, SBICAP Securities said. This initiative will later be extended to bonds, mutual funds and gold exchange traded funds.

"The account has been set up to enable devotees to deposit shares. The deposited shares will then be converted into cash within a short period of time by the temple," said Mani Palvesan, MD, SBICAP Securities.

Last year, Tirumala Tirupati Devasthanams had opened a demat account, which is reportedly receiving encouraging response from devotees.