NSE Clearing Limited (National Clearing) formerly known as National Securities Clearing Corporation Limited (NSCCL), a wholly owned subsidiary of NSE, was incorporated in August 1995. The first clearing corporation to be established in the country and the first clearing corporation in the country to introduce settlement guarantee. NSE Clearing has been recognized as QCCP by SEBI, Third Country CCP (TC-CCP) by European Securities Market Authority, and as TC-CPP by Temporary Recognition Regime of the UK.