Petition for demat a/c for Hindu deities rejected
Mumbai: Observing that deities should
remain in temples and not in stock markets, the Bombay High
Court today rejected a petition seeking permission to open
demat accounts in the names of Hindu Gods.
"Trading in shares on the stock market requires
certain skills and expertise and to expect this from deities
would not be proper," observed Justices P B Majumdar and
Rajendra Sawant while disposing of the petition filed by a
The trust had filed a petition challenging the
decision of National Securities Depository Ltd (NSDL) to
refuse it permission for opening demat accounts in the names
of five Hindu deities.
"When the Income Tax department has issued PAN cards
to these five deities, why should not NSDL allow opening of
demat accounts in their names?" the trust asked.
The deities of the Sangli-based trust "Ganpati
Panchayatam Sansthan" are Lord Ganesh, Chintamaneshwardev,
Chintamaneshwaridevi, Suryanarayandev and Laxminarayandev.
The trust, belonging to the Patwardhan family, the
erstwhile royals of Sangli, had obtained PAN cards in the
names of deities in 2008.
Recently, the trust applied for opening demat accounts
in the names of these deities through a private bank but the
request was turned down by NSDL.
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