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TMI Blog2010 (7) TMI 273X X X X Extracts X X X X X X X X Extracts X X X X ..... sactions in connection with trading in shares. We do not find any arbitrariness in the action of respondent No. 2 for not permitting the petitioner to open such an account. The trustees can always open an account in their individual name without bringing the Gods and Goddesses into picture. The instant Petition, in our view, is thoroughly misconceived and is accordingly, dismissed. Rule discharged. - W.P. NO. 4778 OF 2009 - - - Dated:- 16-7-2010 - P.B. MAJMUDAR AND R.M. SAVANT, JJ. A.V. Anturkar and Uday Warunjikar for the Petitioner. Ms. Neeta Masurkar, Janak Dwarkadas, Swanand Ganoo and Zerick Dastur for the Respondent. JUDGMENT P.B. Majmudar, J. - Rule. With the consent of the parties Rule is made returnable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , if a deity is entitled to income, there is no reason why the deity should not be permitted to open a Demat account as there is no prohibition in law. It is further submitted by the learned counsel for the petitioner that there is nothing wrong if the deities are allowed to take part in share transactions like any other individual. It is further submitted by Mr. Anturkar that even under the Income-tax Act, the deities are recognized as a juridical person and even the PAN-cards are issued for the purposes of the Income-tax Act and in view of the same, it is submitted that proper directions may be issued to the respondent Nos. 2 and 3 to allow the petitioner to open a Demat account in the name of the aforesaid deities mentioned above. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Income-tax Act cannot be relied upon so far as opening of Demat account is concerned. The petitioner wants to open an account in the name of the deities as mentioned above thereby bringing the Gods/Goddesses into share transaction business. It is not in dispute that the Demat account is essentially for share transactions. The learned counsel appearing for the petitioner Mr. Anturkar has placed on record Encyclopaedia in connection with Demat account. It states as under : The term Demat, in India, refers to a dematerialised account. For individual Indian citizens to trade in listed stocks or debentures. The Securities Exchange Board of India (SEBI) requires the investor to maintain a Demat account. In a demat account shares and s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is permitted to be opened in the name of Gods or Goddesses as the case may be. Since the petitioner, which is a unregistered private trust, cannot open a Demat account, it cannot be indirectly permitted to open an account, in favour of such an artificial person and in the name of Gods or Goddesses. 9. Demat account is essential a commercial activity done on a day-to-day basis and it is not expected that a private trust would bring the Gods and Goddesses in the matter of share trading business. In our view, the respondent No. 2 has rightly rejected the prayer of the petitioner holding that such account cannot be operated in view of the circular of the SEBI which is annexed at page 23 annexure "C". The respondent No. 3 therefore, has righ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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