Explanation:

- Option 1: NPCI (National Payments Corporation of India)

- Formed in December 2008, a year after the date in question.

- It is a key player in retail payments and settlement systems in India.

- Option 2: CCIL (Clearing Corporation of India Limited)

- Established in 2001.

- Focuses on providing clearing and settlement for transactions in the financial markets.

- Option 3: Paytm

- An Indian financial technology company.

- Founded in 2010 and not a payment regulator.

- Option 4: BBPS (Bharat Bill Payment System)

- A system launched in 2013.

- Facilitates bill payments and is operated under NPCI umbrella.

- Option 5: None of the above

- Correct answer, as none listed were formed in 2007 as a payment regulator.

The correct answer is: Option 5: None of the above