अधिष्ठानं न जीवः स्यात्प्रत्येकं निर्विकारतः ।अवस्तुत्वाच्चिदाभासो नास्ति तस्य च जीवता ॥ ३७ ॥
In plain words
Take them one at a time. The substratum cannot be the jīva, because in itself it never changes. And the reflection of consciousness is not a real thing at all, so being a jīva does not belong to it either.
Close to the Sanskrit
The substratum would not be the jīva, since, taken each singly, it is without modification. And because of unsubstantiality, the reflection of consciousness — jīva-hood does not exist for that either.