Having some doubts in position trading

Hi everyone

After thinking a lot,i have decided that day or swing trading is not for me. Kudos and hats off for those who deal in these since these require extensive experience and hard work

I am having following doubts regarding position trading

1. Lets say i purchase a share today at 100 rs in delivery mode and lets say by afternoon the share suddenly rose to 150rs or some gud value.Then can i sell that ..?
I can see that delivery shares are also in my positions in geojit trading panel but is it according to SEBI rules since the share didnt entered my demat account(i mean i didnt took delivery of it,if i am not wrong it takes 2-3 days before the share comes to demat .. right ?)
but i sold it in midway ? Apart from usual brokerage charges,will there be any special fine ?

2.I have seen that if someone purchases IPO,after allotment of certain no of share one will get the physical certificate of the shares.
Now my question is whether these appear in demat or not ?
I have read that one needs to convert these physical certificate to demat form before one can sell shares ..? is it true ..?
And can it be done in the reverse way ? i mean asking physical certificate of the shares present in demat ?

Thanks in advance of the answers

1.-----
You can either sell on the same day(intraday), or after the delivery into your demat. You can also sell the next day after purchase if your broker provides BTST facility. Check with your broker for BTST. If possible read all fine print about BTST on your broker's website.

If you sell midway, then you will be treated as "short" and some certain penalty will be levied. Google for short selling penalty.

2.------
These days, all IPO allotments are directly delivered to your demat. No more physical form.