Dr Aruna Dev Rroy, Assistant Professor, Royal School of Commerce, Royal Global University Corporate Social Responsibility (CSR) activities are growing at their pace and are undertaken by the corporates as mandate under the law. But there lays scope for discussion on a few topics which are still in the nascent stage and requires calibration. The issues like accountability through reporting, moral disclosure, social disclosure, and its relationship with CSR. These issues were widely discussed in the seventies and early eighties and then dropped out of sight. The current re-energized focus includes social, environmental, and ethical reporting by corporations. The notion of corporate social disclosure arises from a view of social theory which holds that the corporation owes a duty to the society; or has a social contract. The past decade has also seen a call for environmental accounting and reporting, one subset of social responsibility reporting (for example the Accounting Horizons, Beets, 1999, as well as the British and European literature reviewed by Bebbingtonet al. 1999; Gray et al., 1995; Gray 2002; Mathews, 1997). Elkington (1997) has made popular the notion of the triple bottom line, combining economic, social, and environmental reports. With the debate on type, direction and verification of environmental information actively joined there has also been a return to the earlier, broader discussion of social responsibility and it’s reporting. From accountability perspective, a significant research question can be raised as whether the current reporting practices truly reflect corporate social and environmental behaviour (Unerman, 2000). Several studies have revealed that it is highly doubtful that current CSR disclosure provides the stakeholder with a fair view of a company’s CSR performance. This doubt mainly originates from the fact that companies predominantly provide narrative CSR information (e.g., Adams et al., 1995; Al-Tuwaijri et al., 2004; Beck, Campbell, & Shrives, 2010; Guthrie, Cuganesan, & Ward, 2008; Wiseman, 1982). Neu, Warsame, and Pedwell (1998), for instance, argue that managers often disclose narrative information because such disclosures can be tailored to manage public impressions and improve brand visibility. Similarly, Hopwood (2009, p. 437) states that these disclosures can be used to increase the company’s legitimacy and, as such, may “even reduce what is known about the company and its environmental [CSR] activities.” To further the correspondence between reporting and actual performance, several prior studies have suggested a form of CSR reporting, which we will call comprehensive reporting. According to Robertson and Nicholson (1996), the ‘ideal model’ of CSR disclosure combines three hierarchical disclosure levels to close the gap between rhetoric and action. These disclosure levels are (i) ‘General Rhetoric’, which covers thecorporate recognition of the value of CSR; (ii) ‘Specific Endeavour’, which consists of CSR activities and (iii) ‘Implementation and Monitoring’ of CSR programs. In order for making CSR reports to be useful in making corporate activity transparent to stakeholders, the veracity of the information contained in the reports must be assured. There is evidence that financial markets have disciplinary mechanisms which, overtime, penalize firms that communicate in accurate information. Such mechanisms do not yet exist and may never be possible in the CSR realm due to the broad range of activities and consequences that can be addressed in CSR reports. Direct validation of the information contained in these reports can therefore be helpful in guaranteeing the truthfulness of claims made. Another emerging issue in CSR is the relationship between moral discourse and CSR. Moral discourse focuses on issues of ethics and value. The study of ethics is synonymous with the study of morality. More precisely, it refers to the study of moral principles of a particular group, as, for example, the professional ethics of evaluators. Habermas (Reynolds, 2008) in his study argues that moral norms gain validity not through their adherence to external universal criteria, as is often claimed. Instead, norms are valid if they are developed through an open and fair discourse among all parties affected by them. Kettner (1993) distils Habermas’ arguments about ideal speech into five propositions: • Generality – the discussion should be open and accessible to all interested parties, • Autonomous evaluation – participants must have opportunity to fully express interests, • Role-taking – participants must attempt to view the situation from others’ perspectives, • Transparency – participants must reveal their goals and intentions relevant to the issue, • Power neutrality – the discussion must be free from coercion. Each of these principles can be applied within the context of CSR. The generality proposition suggests that corporations have the responsibility to allow all stakeholders to participate in discussions about matters that can affect their welfare. Before ethical discourse about social responsibility can take place, corporations must identify those constituencies who hold a stake in corporate decisions. Autonomous evaluation requires that participants in moral discourse must have the opportunity to express their interests and objectives, to make assertions, and to question assertions made by others. In a practical sense, this requires corporations to identify relevant stakeholders and invite them or their representatives to participate in a discussion about the actions that might affect them. This principle requires corporations to go beyond the common practice of considering how their actions might affect stakeholders. The stakeholders must be allowed to speak for themselves. The role-taking proposition requires all participants in the discourse to attempt to understand the perspectives of other participants. Mutual understanding cannot be achieved when participants act strategically; working to negotiate to achieve their own desired ends. In a CSR setting, this requires companies to move far beyond strategic stakeholder management, and even past stakeholder consultation, to true stakeholderengagement. Transparency requires that parties in the discourse make their positions, goals, and interests known to other members. Although full transparency is unrealistic in the corporate realm in which companies hide information from competitors and others for strategic purposes, it can nonetheless serve as an ideal for stakeholder engagement. The final condition, power neutrality, is little discussed but critically important in the CSR realm. As discussed above, participants in moral discourse must fully disclose their own interests, as required

The following is a perspective sharing on Digital Financial Access & Inclusion in North East India, as interacted with Shri Eugene Emmanuel Karthak, Director, Indian Institute of Bank Management (IIBM), Guwahati, Assam. Access and Infrastructure: How can access to financial and banking services be expanded digitally to reach underserved populations, including those in remote areas or with limited connectivity in North East India. There is much work to be done to expand access to financial and banking services digitally to reach underserved populations including those in remote areas or with limited connectivity. To begin with, there is still a need to invest in mobile broadband infrastructure as even when the state of internet connectivity and permeation is better than a few years, internet speed and reliability in the region have much scope to improve. Stable mobile broadband is essential for providing access to digital financial services. Governments and private sector investors can work together to expand mobile broadband coverage, especially in rural areas Secondly, onboarding of citizens to digital identification systems can help to verify the identity of customers, which is essential for preventing fraud and financial crime. There is a need for consolidating financial data of people which may exist across various financial institutions and service providers. Creating open Application Programming Interfaces or APIs can help remedy this issue. APIs will help to create a more seamless experience for the customers. There are also vast sections population who lack the skills and information required to operate digital financial services. For these underserved populations, there should be knowledge and skill development interventions planned by the government and financial institutions to capacitate them to use these services. Additionally, government regulatory barriers sometimes make it difficult for financial institutions to offer digital financial services in underserved areas. The government can consider easing regulatory barriers. These efforts could include reducing the cost of licensing and registration or simplifying the regulatory requirements for financial products and services. By taking these steps, governments and the private sector can work together to expand access to financial and banking services to underserved populations, including those in remote areas or with limited connectivity. This can help to improve financial inclusion and economic development. India, Kenya, and Mexico provide vibrant examples of digital financial inclusion aimed at reaching underserved populations. In India, the government has launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) program, which aims to provide financial services to all Indians, including those in rural areas. The PMJDY program offers a variety of financial products and services, including savings accounts, loans, and insurance using the JAM Trinity. Similarly, Kenya has M-Pesa and Mexico has the Sistema de Pagos Electrónicos Interbancarios (SPEI). In Kenya, M-Pesa is a mobile money service that allows people to send and receive money, make payments, and access loans using their mobile phones. M-Pesa has been credited with helping to reduce poverty and improve financial inclusion in Kenya. In Mexico, the government has launched the Sistema de Pagos Electrónicos Interbancarios ( SPEI), which is a real-time electronic payment system. The SPEI allows people to make payments to businesses and individuals, even if they do not have a bank account. These are just a few examples of how digital financial services are being used to reach underserved populations. By expanding access to these services, governments and the private sector can help to improve financial inclusion and economic development. Affordability: How are digital affordability challenges affecting access to financial services digitally for low-income individuals and communities? For many people cost of devices if not internet access is still a challenge. The level of digital literacy required for accessing digital financial services is also less thanoptimal in low-income individuals and communities. These issues often lead to a distrust in digital financial services among individuals. They may be concerned about security or privacy, or they may not understand how these services work. These challenges can make it difficult for low-income individuals and communities to access the financial services they need. This can have a negative impact on their ability to save money, manage their finances, and build their credit. There are a number of things that can be done to address these challenges. These include: Efforts to make devices and internet access more affordable by providing private companies subsidies or tax breaks for these services; Governments and the private sector can provide digital literacy training to low-income individuals and communities. This training can help people learn how to use digital financial services safely and effectively. There is also a scope for collaboration across government and private sector to build trust in digital financial services among low-income individuals and communities. This could be done by educating people about the benefits of these services and by ensuring that they are secure and reliable. By taking these steps, governments and the private sector can help to address the digital affordability challenges that are affecting access to financial services for low-income individuals and communities. Awareness and Education: How can digital literacy and awareness about digital financial services be improved, particularly among marginalized communities? To improve digital literacy and awareness among marginalised communities, we may consider partnering with community-based organisations to extend affordable digital literacy training. This will help incorporate culturally relevant material and examples for financial education. Digital literacy training needs to be tailored to the unique needs of the marginalised community. The mode of training could employ a variety of teaching methods such as face to face instruction, online courses, and mobile apps to allow for flexibility in learning while providing the necessary assistance and monitoring. Trust and Security: How can trust in digital financial services be built, and what measures can be implemented to ensure the security of transactions and the protection of personal data? To begin with, financial institutions should build relationships with their customers.  This can be done by providing excellent customer service, and by being responsive to customer concerns. Financial institutions should be transparent about their security measures and how they protect customer data. This can

Alexander L Passah PhD Research Scholar, Department of Antropology, North Eastern Hill University, Meghalaya, India ISSUES AND CHALLENGES FOR AN EMERGING DIGITAL SOCIETY Internet Shutdowns are defined as intentional disruptions in internet services by government authorities. This practice has been highly adopted in the Indian context, and according to Internet Shutdown Tracker (2022), India has registered 690 internet shutdowns. In addition, a report by SFLC.in titled Let the Net Work: Internet Shutdowns in India (2022) has provided a map of the distribution of reasons for internet shutdowns in India. It was found that terrorist threats accounted for 41 %, communal tension registered 24%, protests and political tension reported for 6 % and cheating in exams recorded 4 %. The duration of internet shutdowns varies from state to state and context to context. In the case of Meghalaya, internet shutdowns have been adopted a total of 16 times which have been spread out across different districts in the state. Gradually, this practice has become a reoccurring trend over the last few years. Internet Shutdowns in Meghalaya have generally been adopted under the banner of ‘ preventive’ measures. The suspension order focused on the use of social media applications like WhatsApp, Facebook, and YouTube, which have been stated to be used for the transmission of information which has the potential to lead to a breakdown of law and order. However, the practice of internet shutdowns leads to questions about its effectiveness. To highlight some of the complexities surrounding internet shutdowns in Meghalaya. The case of the most recent shutdown will be explored to identify its practicality of use in today’s emerging digital context. The United Nations (UN), on the 13th of May 2022, in their report on Internet Shutdowns, highlighted the concerns of its practice. They stated that “Shutdowns are powerful markers of sharply deteriorating human rights situations ”and further argued that over the past decade, they have tended to be imposed during heightened political tensions, with at least 225 shutdowns recorded during public demonstrations relating to social, political or economic grievances. The UN viewed shutdowns as restricting human rights monitoring and reporting, especially in the context of armed conflicts and during mass demonstrations, the fact that people could not communicate and promptly report abuses seems to have contributed to further insecurity and violence, including serious human rights violations. Mukroh Border Violence On the 22nd of November 2022, the Home Department of the Government of Meghalaya resorted to an internet shutdown in seven districts after tensions erupted in the borderlands between Meghalaya and Assam. This led to the death of six individuals – five villagers from Meghalaya and one Forest Guard from Assam. As reported by India Today NE (2022), the internet shutdown in the seven districts was limited to mobile internet suspension, and the internet was restored on the 28th of November, 2022. Before the internet shutdown, videos of violent scenes from the incident were circulated, such as gunshots fired and the lifeless bodies of the villagers who were shot. These videos took on a form of virality among local social media users. For the public, these videos triggered emotions of anger and condemnation. However, media reports from different agencies varied on what took place. Further, both governments’ positions varied on the incident and laid territorial claims of the event occurring within their borders. In addition, their positions and narratives on what transpired in Mukroh differed as Meghalaya took a position of ‘unprovoked’ firing. In contrast, the Assam Government, initially after the shooting, presented the situation as a case of‘ unnecessary and unprovoked’ firing. However, recent statements from the Home Minister of Assam have changed. He stated that “five people died as a result of police firing, which was done in self-defence and for the protection of government properties Contextualising Border Disputes To comprehend a deeper understanding of the events that transpired, one has to reflect on the socio-political history of the North Eastern Region (NER) and its construction. The North East is home to multiple ethnicities and identities, and this amplifies the political fragility of the region. The NER has witnessed various changes in its socio-political history from the colonial period to the post-colonial state formation. Border conflicts and territoriality are not novel and continue to hinder the land. Haokip (2023) states that the colonial and post-colonial demarcations of states arbitrarily have led to ethnic/tribal movements and contestations over regional borders. He further argues that: “the problem has never been the lack of technology and expertise to demarcate the state boundaries but the political will to solve the border issues by engaging the border people. After all, they are the ones who live there, not those who sit on committees and commissions or practise law at the apex court or are elected as members of the Parliament or State Assembly.” In addition, modern capitalist economic activities (such as resource extraction) combined with ethno-territorial assertions have added new dimensions to border disputes, as the loss of land is seen as losing social and political power and prestige (Bhaumik, 2009; Karlsson, 2023). As per a report by The Economic Times (2021), border disputes between Assam, on the one hand, and other neighbouring states have led to approximately the death of a total of 157 individuals and injured at least 361 persons and displaced more than 65,000 from 1979 to 2021. In addition, claims and counterclaims between states and the validity of what is acceptable have added to the complexities. Social Media and Conflict Social media has often been regarded as a tool to enhance democratic participation and has the potential to offer alternative narratives to contest and challenge the power dynamics of traditional mainstream media and the state. However, the rapid pace at which information can be disseminated has also contributed to emerging challenges of misinformation and polarization. During socio-political conflicts, when communities are emotionally engaged social media narratives can intensify. Social media usage not only represents individual identities but can also lead to larger collective identities. In the case of

Dr Syed S. Kazi For decades, India’s Non-Governmental Organisations (NGO) landscape has pulsated with countless dedicated organizations tackling diverse challenges, from healthcare and education to environmental conservation. Yet, despite their unwavering efforts, fundraising often remains a daunting obstacle, particularly for smaller and emerging NGOs. This is where the Securities and Exchange Board of India’s (SEBI) Social Stock Exchange (SSE) is seen as a beacon of hope, offering a transformative approach to NGO fundraising. The Union Finance Minister in her Union Budget speech of 2019-20, had proposed creation of a SSE, under the regulatory ambit of SEBI for listing social enterprises and voluntary organizations working for the realization of a social welfare objective, so that they can raise capital as equity, debt or as units like a mutual fund (MF). Launched in mid-2023, the SSE is a dedicated platform where non-profits can access capital by tapping into a new pool of investors – those driven by a dual desire for financial returns and positive societal impact.Under this SSE segment, new avenues are attempted for social enterprises to finance social initiatives, provide them visibility and bring in increased transparency in fund mobilisation and utilisation by the enterprises. Any social enterprise, Non-Profit Organization (NPOs) / NGOs, or For-Profit Social Enterprises (FPEs), with their primary social and community development intent can get registered / listed on SSE segment. For eligible NPOs / NGOs, the first step for onboarding starts with the registration on the Social Stock Exchange segment. Post registration, NPOs can initiate the fund mobilisation process by issuance of instruments such as Zero Coupon Zero Principal (ZCZP) via a public issue or private placement. Currently the regulations have prescribed the minimum issue size as ₹1 crore and minimum application size for subscription at ₹2 lakhs for ZCZP issuance. While the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) of India has received final approval from SEBI to launch SSE as a separate segment, the other Stock Exchanges are in the pipeline to enlist the same. In this completely new fund-raising instrument, Stock Exchanges are and shall be facing and addressing issues of engaging NPOs, build awareness and making them understand the mechanism and benefits from registering and listing on the Social Stock Exchange segment, hand holding Social Enterprises currently at various stages of onboarding on the Exchange. The SSE’s effectiveness hinges on two key pillars: transparency and impact measurement. Unlike traditional fundraising avenues, the SSE mandates rigorous social impact assessments and reporting frameworks. This is expected to foster trust and credibility, attracting investors who might otherwise shy away from the perceived “risk” of the social sector. Additionally, it is expected for the NGOs to demonstrate the value they create, not just through financials, but through tangible social outcomes. The North East India’s social and NPO / NGO sector operates in a rugged terrain, both physical and social. Its remote location, riddled with mountains and dense forests, makes reaching isolated communities a logistical nightmare. Coupled with limited infrastructure and connectivity, this remoteness has hindered resource flow and collaboration for long and till date. Scarce funding, with both government and private investors (less than 4 % of CSR funding in NER) hesitant due to perceived instability, further strangling development efforts.Despite lack of one source information, there are 8539 NGOs in NER (Darpan Portal, NITI Ayog), with Assam having the maximum of 3113 NGOs, followed by Manipur at 2862. While the active nature of these is not clear, given the recent new guidelines from FCRA and consequent financial viability of many and eventual many reaching the state of closing down, during and post Covid. According to the FCRA (Home Ministry) site, there are 147 NGOs in NER having FCRA license during 2012 – 2023. A key question is in this mix of active and non- active NGOs, how many shall be willing and can take the SSE route to fund raising, with the existing access and institutional barriers. In a region wherein information, processes, systems reaches late and with its own difficulties, the exploration and implementation of SSE in the region has its own challenges more than opportunities. The hurdle is sustained engagement and capacity building for the region’s NGOs and social enterprises on SSE as the NGOs may lack the financial and technical resources to comply with SSE listing requirements, such as robust impact measurement and reporting systems. Building this capacity shall take time with targeted support. Measuring and reporting social impact consistently across diverse sectors and organizations remains a challenge. Standardized frameworks and tools are needed to ensure transparency and comparability and the question is how and what levels the region’s NGOs stand on this. The SSE platform shall require sound technology infrastructure to handle transactions, data management, and investor outreach and can be a cost barrier for both the exchange and participating NGO / NPO organizations. The concept is still nascent, and reaching out to both NGOs in the region, and willing potential investors is no less herculean. Tailoring eligibility criteria to include the lesser number of active NGOs in the region and in each State is crucial to ensure inclusivity and empower grassroots organizations. With already very little fund flowing to the region, how and whether investors will be ready to walk the SSE mode to fund NGOs in the region and what shall be the safeguard mechanism to this. This unless stakeholders find it less important even if the region’s social and development sector moves into obscurity sooner due to drying funds and support. Developing robust and standardized impact measurement frameworks remains a complex puzzle. A key question is what mechanism and support system shall be made available for region’s organisations to effectively measure and report their impact, essential for attracting investors and maximizing social return on investment. Attracting investors to the SSE requires raising awareness about its purpose and potential. Investors who prioritize financial returns might need education and incentives to embrace impact investing in the NER. Accessing the SSE might be difficult for organizations in NER