Philanthropy and service to society are as old as Indian culture. The modern concept of CSR, in post industrialized world has evolved from philanthropy to part of strategic planning for sustainable development. In order to encourage Indian corporate to report on CSR issue, Government of India issued ‘CSR Voluntary Guidelines 2009’ in December 2009 to be effective from financial year 2009-10. This study attempts to measure the corporate social responsibility (CSR) disclosures in annual reports of Blue Chip Companies before and after issuance of voluntary guidelines 2009 on CSR using content analysis methodology. The objective of the study is to know whether guidelines have resulted in bringing statistically significant change in CSR disclosure in terms of 1. Total disclosure 2.Content category 3.Location of disclosure. The findings suggest that overall there is increase in total disclosure but not in the content category except for 2 themes i.e. environment and health out of 8 themes and no increase in location of disclosures was seen. The result shows that Indian Inc. needs more preparatory time and yet more comprehensive guideline for the same. Issuance of more comprehensive guideline 2011 is a step in right direction and it is to be seen that whether availability of comprehensive guideline will motivate blue chip companies and other companies to conduct their business in CSR way or not.