Sammaan, a platform to help companies find agencies for carrying out social welfare activities, has become operational on stock exchange BSE with more than 600 projects requiring funds of about Rs. 2,000 crore listed on it as of now.
The CSR platform, launched by BSE along with industry body CII and think tank IICA, went live on the stock exchange on December 9.
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.
“In three days, we have already seen registration of close to 200 corporates. We have over 600 projects across 325 cities/towns listed by NGOs that are looking for donations,” said BSE Strategic Advisor Praveen Chakravarty.
“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. We hope to achieve closure of funding for these projects in six months time,” Chakravarty said.
Under the new Companies Act, corporates in India are mandated to spend up to 2 percent of their average net profits over the last three years towards CSR.