MP govt's demat a/c plan for temples stuck in red-tapism

Madhya Pradesh government's ambitious plan to open demat accounts for six prominent temples, including Ujjain's Mahakaleshwar, appears to have delayed at outset as the concerned district collectors are yet to submit their views which are crucial to take the proposal forward.
The plan is based along the lines of famous Siddhivinayak shrine in Mumbai which has opened a demat account to enable its followers to offer shares of listed companies as donations.
"We are thinking over the plan to open Demat accounts in the name of Ujjain's Mahakaleshwar temple, Omkareshwar temple in Khandwa district, Bijasan devi temple at Salkanpur in Sehore district, Maihar devi temple in Satna district, the Khajrana Ganesh temple of Indore and Ram Raja temple at Orchha in Tikamgarh district," state Religious Trusts and Endowments Department Additional Secretary Rajendra Singh said today.

Through demat accounts, shares and securities can be held electronically in a dematerialised account, instead of the investor taking physical possession of certificates.
The officer said his department had last month written to six concerned district collectors where these temples are situated, asking them to examine the plan and send their opinion within seven days.
On the basis of their report, rules and regulations would be framed for the plan, he said.

Singh said the Religious Trusts and Endowments Department has not received any opinion yet.
On future course of action, he said the department will now send reminders to the collectors.

After opening Demat accounts, the faithful will be able to donate shares and bonds to the deities, which will bolster revenue of the temple trusts.