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Pay-in and Pay-out & Auction
Pay-in is the day when your broker collects the securities from your demat account and transfers them to the exchange and clearing member. This happens when you sell a security.
Pay-out is the day when the clearing member transfers the securities to the broker. The broker then transfers those securities to your demat account. This happens when you buy a security.
Auction takes place when you sell a security but you are unable to deliver it within a prescribed time period. The stock exchange will auction your security in the auction market. Your broker will try to purchase it in a buy-in auction market on T+2 days and the settlement shall be done on T+3.
