ICCL (Indian Clearing Corporation Limited) and NSCCL (National Securities Clearing Corporation Limited) are prominent entities in the Indian financial market that provide clearing and settlement services for equity and equity derivatives. ICCL is a subsidiary of the BSE and serves as the clearing corporation for trades executed on the BSE, while NSCCL, a subsidiary of the NSE, performs the same function for trades executed on the NSE. Both ICCL and NSCCL play a vital role in mitigating the risks involved in settlements thereby ensuring the smooth functioning, stability and integrity of the Indian stock exchanges.