الجواب حامدا و مصلیا
The person who does any sort of Ibadath, whether physical or monetary or even verbal, which brings Sawab for the doer, can gift such Sawab to any soul whether dead or alive and the recitation of Qur’an which indeed a commendable, and an Ibadah of lot of rewards too folds in this category and In Ahadees it is clearly mentioned about its rewards.
However, confining Isal e Sawab only for this particular method and to make congregation a must in this connection and to realize it as more reward able are not at all correct and it is necessary to abstain from it.
Allah knows best
Muhammad Farhan