India CSR Network
NEW DELHI : A platform to help companies find implementing agencies for carrying out social welfare activities will soon be launched by leading stock exchange BSE along with industry body Confederation of Indian Industry (CII) and think tank IICA.
The initiative ‘Sammaan‘ launched at National Summit on CSR would help corporates access implementing agencies, whose credentials have been verified, to carry out corporate social responsibility (CSR) works under the companies law.
Under the Companies Act, 2013 certain classes of profitable companies are required to spend at least 2% of their three-year annual average net profits towards CSR activities.
BSE said in a statement it has collaborated with the two other entities to form the platform in order to enable companies undertake effective CSR. A recent analysis by BSE showed that there are 1,294 companies on the exchange that are required to make CSR spend under the law.
“There are an estimated 20 lakh implementing agencies registered in India. Corporates, especially the small and medium ones, will need assistance to identify an NGO that they can partner with for their CSR compliance” the statement said.
Implementing agencies on Sammaan would provide clear and defined programmes, objectives, expected outcomes and budgets.”A Letter of Fulfilment provided by BSE to the corporate donors will increase the credibility of the implementing agencies and their programmes” it added.