Clearing Corporation (NSCCL): 

The NSCCL is responsible for post-trade activities of a stock exchange. Clearing and settlement of trades and risk management are its central functions.

Clearing Members: 

They are responsible for settling their obligations as determined by the NSCCL. They have to make available funds and/or securities in the designated accounts with clearing bank/depository participant, as the case may be, to meet their obligations on the settlement day.

Custodians: 

A custodian is an entity who is responsible for safeguarding the documentary evidence of the title to property like share certificates, etc. In NSCCL, custodian is a clearing member but not a trading member.

Clearing Banks: 

Clearing banks are a key link between the clearing members and NSCCL for funds settlement. Every clearing member is required to open a dedicated settlement account with one of the clearing banks. Based on his obligation as determined through clearing, the clearing member makes funds available in the clearing account for the pay-in and receives funds in case of a pay-out.