The most common and most likely answer to this crossword clue is the 10 letter word CHASTENING
I've seen this crossword clue in The Guardian
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More clues leading to the result CHASTENING
Buddy explains!

The straight part
We know that "Serving as correction" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case serving as correction = chastening.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 CHASTENING mean?
CHASTENING verb- To punish (in order to bring about improvement in behavior, attitude, etc.); to restrain, moderate.
- To make chaste; to purify.
- To punish or reprimand for the sake of improvement; to discipline.
- To render humble or restrained; to restrain or moderate.
- The act by which somebody is chastened.