Tatsat Chronicle Magazine

ICICI Securities Spent Rs. 20 Cr On CSR Programmes During The Year 2021-22

August 17, 2022
ICICI Securities

ICICI Securities has invested Rs. 20 Crores as CSR funds towards ongoing livelihoods and other programmes for communities during the year 2021-22. It has supported the livelihoods of the under-served communities through CSR programmes and partnerships.

“Our objective is to support meaningful socio-economic sustainable development and enable a larger number of people to participate and benefit in India’s economic progress.”, the company said.

The Company has contributed Rs 11.75 Crores (March 31, 2021: 3.5 Crores) to ICICI Foundation for a contribution toward CSR. As per Section 135 of The Companies Act, 2013, a Company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities.

The Company undertook eight initiatives in addition to the initiatives undertaken by ICICI Foundation for Inclusive Growth in specific areas, particularly skill development. The initiatives were directly undertaken by the Company itself or through its partners in the areas of skill development and sustainable livelihood, creation of job opportunities, healthcare including preventive healthcare, empowering women, and senior citizen welfare.

ICICI Foundation has been implementing ICICI Group’s CSR programmes with a primary focus on promoting employment, improving vocational skills, and strengthening livelihoods and public health.

“We have worked on the development of over 2,100 communities in 31 states and union territories, with the ICICI Foundation administered programmes having reached over a Million people in India’s various regions and communities so far.”, the company said.

During FY2022, the composition of the Corporate Social Responsibility (CSR) Committee of the Company complied with Section 135 and other applicable provisions of the Act. During FY2022, there was no change in the constitution of the CSR Committee. During FY2022, four meetings of the CSR Committee were held on April 15, 2021, July 15, 2021, October 13, 2021, and February 17, 2022.