We can notice the unique feature, that the Lord is holding the conch and discus in the reverse order. Unlike the usual discus in right and conch in the left, here the Lord is holding conch in the right hand and discus in the left. Two reasons are attributed: The Lord got back the lost property; and so, in an exuberent mood, the Lord blew the conch and to do that He held the conch in the right hand. Another reason is that after Sri Krishna Avatar, the Lord had eliminated all wicked persons. So the Lord felt there was no neceassity to use the discus again and so the discus was changed to the left hand. And, He was to infuse Gyana in Alwars and to do that conch was to be kept ready in the right hand. We can see a number of persons near the Lord. Here, the right leg is lifted up. We can see Emperor Mahabali and Prahalada [grand father of Bali]. Near Prahalada is Sri Maha Lakshmi. They are all on the right of the Lord. On His left, we can see Namuchi, son of Bali, sage Sukracharya, Markandeya and his wife. We can also see the Three mudhal Alwars [Poigai, Bhootham and Pei - முதல் ஆழ்வார்கள், பொய்கை, பூதம், பேய் ]. Infact the first among these Three Alwars, Poigai Alwar was also born in Shravana star. And, His composition Mudhal Thiruvandhadi [முதல் திரு அந்தாதி] composed here, is the First compilation in Nalayira Divya Prabhandam. His growth from a small Dwarf to Gigantic Trivikrama, is what we are to see in sloka 39. The Lord says He is the seed for this Universe:
yac capi sarva-bhutanam
bijam tad aham arjuna
na tad asti vina yat syan
maya bhutam caracaram
"Furthermore, O Arjuna, I am the generating seed of all existences. There is no being—moving or nonmoving—that can exist without Me."
Yad = whatever, bijam = seed or origin of, sarva-bhutanam = everything [in this Universe], tad = that [seed or origin], aham = I [Sri Krishna] am, arjuna = [listen] Arjuna. For all the clothes we wear, like dhoti or shirt or saree, cotton is raw material and cotton seed is the origin. Similarly, for the various ornaments gold is the material and ore is the origin. Thus for everything we see, we realize that some origin is there. The Lord is the origin of all of them. Once we know the cause, we can realize all effects [karya-karana bhava]. In Chandokyopanishad, father Uddhalaka tells his son Swetaketu. By understanding mud, one can realize all articles like pot or toy. By understanding Bramham, everythig in this Universe can be known. The Lord mentions this here to drive home the point that just like He was Vishnu among Adityas, Sankara among Rudras, Sama veda among Vedas, etc., whatever items Arjuna or we can imagine, He represented all. Here, Sri Vamana can be considred as karana and Sri Trivikrama as the karya. Caracaram bhutam = in all things in Universe [chara = movable, achara = non-movable], maya vina = separated from or without Me [Sri Krishna], yat syat = if searched, na tad asti = there is nothing. If one were to search for any item in this Universe, which is different from the Lord or which is not controlled by the Lord by being in that, one would not find that item. Without any exception, there is nothing which is not His nor conrolled by Him. Uddhalaka says ' idam sarvam tad satyam sa atma tatvamasi swetaketo' [ entire Universe is, with the Lord as antharatman; He pervades all without exception]. Once this is realized we can see all as equals. Till this sloka the Lord had mentioned groups of entities in which He represented the more important ones.