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 in New Delhi on Wednesday,
would help corporate 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 Fulfillment
provided by BSE to the corporate donors will increase the credibility of the
implementing agencies and their programmes,” it added.
-liveMint
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