kṛṣṇaḥ - Lord Kṛṣṇa; parijanam - His personal associates; prāha - addressed; bhagavān - the Supreme Personality; devakī-sutaḥ - son of Devakī; brahmaṇya - devoted to the brāhmaṇas; devaḥ - God; dharma - of religion; ātmā - the soul; rājanyān - the royal class; anuśikṣayan - in effect instructing.

The Supreme Personality of Godhead — Lord Kṛṣṇa, the son of Devakī — who is especially devoted to the brāhmaṇas and who embodies the essence of religion, then spoke to His personal associates and thus instructed the royal class in general.