My order is rejected & i'm getting the error "RMS:Rule: Check holdings". What does it mean?

RMS:Rule: Check holdings

This error occurs if a CNC sell order is placed without having those particular shares in holdings.

Also if a user has purchased shares in one of the exchanges & is trying to sell it another exchange without the shares being credited to his demat account [T1 qty]

Also, BE/T category shares can only be sold after T+2 Days when the share is delivered to the users Demat Account. Refer here for more information on trade to trade stocks. If a user is trying to make intra day trades or BTST trades, the order gets rejected & the above error is displayed,

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1234856596542942 rejected sell

180601000659091 completed buy.

Reason: It does not reflect in Holdings.

Please can someone explain what kind of logic is this?