Most Hindus are very superstitious, especially the business class. So when they invest in shares or a project they usually give a part of it to temples as donations believing foolishly that it will bring them luck. Until now they were giving such donations as cash. Now the most famous Hindu temple in India’s commercial capital Mumbai is having something new to offer. Instead of cash they have started accepting equity shares of companies as donations. The temple authorities hope to cash in on the superstition of Indian investors and there by get several blue chip shares.
The Siddhivinayak temple in Mumbai, one of India’s most high-profile Hindu temples said Wednesday it now accepts shares of listed companies as donations in a novel departure from the usual gifts of cash and gold.
Mumbai’s Siddhivinayak temple, which Apple chief executive Tim Cook visited in May, allows generous devotees to transfer their stocks electronically to an account run by the religious site’s trust.
“We have opened up a ‘share and securities’ option for devotees globally,” trust chairman Narendra Murari Rane told AFP, adding that the stocks would be converted into cash.
Mr Rane hopes Indians who like to invest on the Bombay Stock Exchange will be inclined to give some of their shares to Siddhivinayak in the hope that it will boost their fortunes.
“Many devotees who enter the Indian stock market want an auspicious start. Hence, they might seek blessings by promising to donate shares to the temple,” he said.
Most Indians are ready to donate for mythical gods, hoping selfishly that it will help in increasing their fortunes. But very few are ready to accept a tax increase that will fund social security projects.