The National Securities Clearing Corporation Ltd. (NSCCL) was set up by the National Stock Exchange of India Limited (NSE), the country's largest stock exchange. It is the largest clearing house in the Indian capital markets and is responsible for settling all trades on the NSE as well as on OTCEI.
National Securities Depository Limited (NSDL) set up India's first depository, to provide convenient paperless trading. With the introduction of compulsory dematerialised trading in many securities by SEBI, NSDL now plays a prominent role in the settlement of trades. The NSCCL interfaces with NSDL on one hand and the clearing banks on the other to provide delivery versus payment (DVP) settlement for dematerialised trades on OTCEI.