• Bharatiya Jana Sangh | Dr. Shyama Prasad Mukherjee: This is correctly matched. Dr. Shyama Prasad Mukherjee was the founder and first president of the Bharatiya Jana Sangh (BJS), the forerunner of the Bharatiya Janata Party (BJP).

• Socialist Party | C. Rajagopalachari: This is incorrect. C. Rajagopalachari founded the Swatantra Party, advocating free-market principles. The Socialist Party was established in the year 1934 and had leaders like Acharya Narendra Dev, Jayaprakash Narayan, Yusuf Mehrali, Mino Masani, Acchut Patwardhan and Ashok Mehta. 

• Congress for Democracy | Jagjivan Ram: This is correctly matched. Congress for Democracy (CFD) was a political party founded by Jagjivan Ram in 1977 after breaking away from the Indian National Congress. It was a short-lived party, formed during the Emergency to oppose Indira Gandhi's regime. It later merged with the Janata Party.

• Swatantra Party | Acharya Narendra Dev: This is incorrect. The Swatantra Party was founded by C. Rajagopalachari in 1959, advocating for free-market economic policies and opposing the socialist policies of the Congress. Acharya Narendra Dev was associated with the Socialist Party and is regarded as one of its key leaders. 

Therefore, only two pairs are correctly matched. Hence, the answer is B.