The correct answer is D. The National Securities Clearing Corporation Ltd. (NSCCL).
NSCCL is a clearing corporation that provides clearing and settlement services for the Indian securities market. It is a wholly-owned subsidiary of the National Stock Exchange of India (NSE). NSCCL assumes the counterparty risk of each member and guarantees financial settlement. This means that if one member fails to deliver on its obligations, NSCCL will step in and make sure that the other members are paid.
SEBI is the Securities and Exchange Board of India. It is the regulator of the Indian securities market. SEBI does not assume the counterparty risk of each member and does not guarantee financial settlement.
CDSL and NSDL are depositories that hold securities in electronic form. They do not assume the counterparty risk of each member and do not guarantee financial settlement.