An auction is a mechanism utilized by the exchange to fulfill its obligation towards the buying trading members. Thus, in case for a settlement, the selling trading members have delivered short, their deliveries are bad or they have not rectified the company objection reported against them, the exchange purchases the requisite quantity from the market and gives them to the original buying member. Auctions are generally held on Wednesday/Thursday. - Daily Auction Trading session is held between 2.30 to 3.00 PM for those client who have sold the shares and not delivered the shares in pay-in dead line time i.e. on T+2 up to 10.30 AM.