The CSR platform, launched by BSE along with industry body CII and think tank IICA, went live on the stock exchange.
Sammaan, a platform to help companies find agencies for carrying out social welfare activities, has become operational on stock exchange BSE.
Sammaan would help corporates undertake effective CSR (corporate social responsibility) activities by connecting them to non-profit and non-government agencies that have legitimate records.
NGOs looking to fund their programmes would be required to list on Sammaan along with their projects, while companies are required to register themselves to access the segment.
Nearly 650 projects requiring close to Rs 2,000 crore are listed on Sammaan now. Also 200 corporates are currently going through the screening process.
Under the new Companies Act, corporates in India are mandated to spend up to 2 per cent of their average net profits over the last three years towards CSR.
As per a recent analysis done by BSE, there are 1,294 companies listed on its exchange that are required to spend nearly Rs 7,800 crore on CSR activities in the current fiscal year.
Sammaan is one of the world’s first initiatives to provide an end-to-end framework to help corporate be socially responsible.
According to BSE, there are about 20 lakh NGOs registered in India but there is considerable confusion among corporates on their legitimacy and credibility.