Help with delivery based shares

#1
Hi, I'm new to trading and have a query which might be of help to newbies.

Suppose I've made a delivery based trade of 60shares @50 per share and the delivery is due on Thursday. What happens if I sell them on Wednesday?Do I need to square-off on Wednesday?What if I don't?Will there be a penalty?If yes, how much?
From what little that I know,there might be an auction and it has something to do with the volume of shares.

Could anyone please explain the process?

Any help is appreciated.:)
 
#2
Well,I came across a thread on BTST which answered my questions.
 

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