Selling of shares without having them in account

can anyone help me

can anyone help me,
i have shortsell 50 shares of icici bank without having them in my demat, i haven't square off on the same day.But i have purchased 50 shares of icici on the next day, but still(after three day of shorting) these 50 shares are in my account which i have purchased.
How i can settel this trasaction, my account is with sharekhan.
What kind of penalties be imposed on me for not settling on the same day.

They will be in auction now T+3 days i think.High price of Auction time(half hour) is where they will be settled at.

And buying shares next day doesn`t help.On same day yes but not next day.

worry not as market went down today i guess u will profit or not much loss so worry not.

Just so that you know that one does not get profit for short selling shares once they go for auction, the entire profit if at all goes to NSE/BSE's funds and never given back to the short seller. Yes, since market went down he will be charged just with the brokerage and penalties if any from his broker.

I think the money available from auction should be given back to rksudhanshu. Ask Savantgarde for the proper course of action to be benefited from the auction.

thanks all of for helping me

But today i got settelment, which is 14000 Rs higher then the shorting amount

You are telling me that you lost 14k for 50 shares of ICICI today? was the settlement at a much higher price than what you shorted for? i guess that shoulldnt be the case.

What happens if one fails to deliver the shares sold?


In case an investor fails to deliver the shares sold in the Rolling Settlement, BSE conducts an auction of the quantity short delivered/ not delivered on T+4, to meet the obligation of delivery of shares to the buyer. In this auction session, offers are invited from fresh sellers for quantities short delivered. The highest offer price is allowed up to the close-out rate and the lowest offer price in auction can be 20% below the closing price on a day prior to the day of auction. The Member through whom one has sold the shares is not allowed to offer shares in the scrip for which he has failed to make delivery.

In case no offers are received in auction for a particular scrip, the sale transaction is closed-out at a close-out price, determined by higher of the following:-

- Highest price recorded in the scrip from the settlement in which the transaction took place upto a day prior to the day of the auction.

OR


- 20% above the closing price on a day prior to the day of auction.

However, in case of the close- out of shares under objections, shortages in the trades done in "C" group or "Z" group where the auction rate is not available, 10% above the closing price on a day prior to the day of auction is considered instead of 20% for calculation of the close- out price for scrips in other groups.

- In such case, if the auction price/close-out price is higher than the standard price of the settlement in which the transaction was done, the difference is recovered from the seller who has failed to deliver the scrips. However, in case, auction/ close-out price is lower than standard price, the difference is not given to the seller but is credited to the Investors Protection Fund.

Source: http://www.bseindia.com/faqs/rolsetmt.asp