krishnah -- Lord Krishna; parijanam -- His personal associates; praha -- addressed; bhagavan -- the Supreme Personality; devaki-sutah -- son of Devaki; brahmanya -- devoted to the brahmanas; devah -- God; dharma -- of religion; atma -- the soul; rajanyan -- the royal class; anusikshayan -- in effect instructing.

The Supreme Personality of Godhead -- Lord Krishna, the son of Devaki -- who is especially devoted to the brahmanas and who embodies the essence of religion, then spoke to His personal associates and thus instructed the royal class in general.