If the shares could not be bought in the auction i.e. if the shares were not offered for sale in the auction, the Exchange squares up the transaction as per SEBI guidelines. The guideline in force stipulates that the transaction is squared up at the highest price on the NSE from the relevant trading period till the auction day or at 20% above the last available closing price on the NSE, whichever is higher. The pay-in and pay-out of funds for auction square up is held along with the pay-out for the relevant auction.  - At Present If the shares are bought & shares will not be receive on T+2 then shares payout may be on T+3 at 10.00 AM or close out .