So, my first question is for you, Noshir.
 You know, the last financial year, 1920, so several major amendments in CSR with companies
 allowed to offset the expense on CSR that they have incurred, the government of India making
 it mandatory for NGOs to obtain registration if they want to access CSR funds and also
 making it mandatory for companies to undertake impact assessment for certain programs.
 Now, in the light of all of this, how do you think CSR is shaping up in India?
 Thank you very much, first of all, Nishant.
 I think the way I see it shaping up right now from whatever I know, I`ve been having a lot
 of interaction with these, quite a few of them.
 And I would say that right now, companies are feeling the four C`s that CSR is shaping up
 as complex, complicated, compulsory, and a little bit confusing.
 And the serious feedback I`m giving you can use are very, very serious.
 They have learned to do CSR and what is expected out of it, but they do feel these four C`s,
 complex, complicated.
 So, you know, one of the days, six years ago when show or shame, I mean, while you did
 not do it, give a reason to move on, that`s not there.
 I mean, you better do that.
 If you fail to do it, there will be fines, penalties, just recently, we read in the paper
 how certain companies are being for non-compliance with CSR, et cetera, we read about that.
 So, this is going, now you mentioned about two or three aspects of the change laws in
 January.
 One is about, this requires all implementing agencies, CSR implementing agencies, including
 the company`s own foundation to register under CSR1.
 In my opinion, this is a fairly simple process.
 And as far as things stand today, it`s a one-off.
 You log in some of these about your agency, et cetera, society, or a section eight company,
 and you get a unique ideation number.
 And after that, many NGOs seem to think that, oh, now we have to report to the Ministry of
 Corporate Affairs.
 Also, the answer is no, you do not want this law for that is not envisaged.
 The reporting to MCA is by the company and not by.
 But what has changed is, until January, if the NGO had merely tax exemption under 12B,
 it was good.
 And that is what is most important because income tax gives you a 12A registration, now, which
 is called 12 AD, recognize you knew to be an instance for what is court charitable purpose.
 And that is enough.
 ADG is a benefit that the donor gets.
 But now, under the rules, you need both 12B and ADG.
 Now what`s the other downside?
 Many organizations do not have 12A.
 They have a better exemption, which is under 1023C.
 These are educational institutions.
 These are research institutions, 1023C, completely ignored, under CSR1.
 Even when tax stability is concerned, some organizations have a data tax reduction under
 3512 and 3513, which is about scientific statistical research, and which gives a donor
 100%.
 Again, no talk about 3512, 2513.
 So this, I feel is something that Ministry of Corporate Affairs needs to take the organizations
 off with regarding to the issue which you mentioned about offsetting.
 I think companies are more than bad.
 I don`t think anyone is good doing about that, that if I spent 3% can I set it off to yours?
 I think one maybe NGO feel that, okay, if they`re already set it off, maybe next year,
 I may be in trouble.
 So, so that is a possibility.
 And there is this thing about impact assessment.
 Now, again, with regard to impact assessment, which is required under the new rules, is who
 can do impact assessment for you?
 There is complete silence.
 I mean, do we go to the big four, can our chartered account in audio, tax studies, can
 of privacy do it, what should be the track record of such an agency, what matrix for
 impact?
 First of all, half the time we use the term impact just very loosely.
 Please understand that the CSR, we also talk about monitoring and evaluation.
 And monitoring and evaluation is not to be confused and impact.
 What are exclusive, mutually exclusive?
 So, who does impact assessment, what are the matrix, how it is to be done?
 So, what I see is how CSR is shaping, I think there is increased control and means requirements.
 Right.
 No, very valid points, not sure that you`ve made and it always helps to have you because
 you give us insights more from the non-profit point of view as well as the corporate point
 of view.