The most common and most likely answer to this crossword clue is the 2 letter word SC
I've seen this crossword clue in Independent
S
C
Buddy explains!

The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SC mean?
SC noun- Capital letters shown in the same form but in small size (typically of the same size as lower-case letters).
- Stocks with a relatively small market capitalization.
- A book having such covers.