Explanation:

Nataraja Shiva is associated with the end of the cosmic world with which this dancing position is associated.In the Vedas, three mandalas are given a lot of importance. Mandala means circle—a combination of anda, egg, and mann, mind. Bhumandala is the earth, above that is Prabha-mandala, the sky, where it is believed the gods reside, and there is Pitr-loka, the land of dead ancestors.
In this context, Nataraja is shown dancing within a flaming halo (prabha mandala) which represents Time and which is shown as a circle to symbolize the Hindu belief that it is both cyclical and without end.The flames of the ring sprout from the mouths of makaras or mythical sea creatures shown at the base of the sculpture.In this Chola period bronze sculpture he has been shown balancing himself on his right leg and suppressing the apasmara, the demon of ignorance or forgetfulness, with the foot of the same leg.At the same time, he raises his left leg in bhujangatrasita stance, which represents tirobhava,that is kicking away the veil of maya or illusion from the devotee’s mind.