you can sell it at any time and no penalty.
You can buy equity and sell them anytime. However, if you first sell i.e. short sell without actually owning the stocks, then you will have to buy back the same day to avoid penalty
yes and no both. Yes because you bought them first and sold them a day later. So shares should come into your account on T+2 which is Tuesday a day before the delivery day which is T+2 Wednesday. however, though it is very rare but there is possibility that the person who has sold you defaults which means that shares would not come into your account on the day you have to give delivery to the person who bought from you. then you will also become defaulter and might have to pay the penalty. It happend with me last year and believe me i didn’t get shares for two weeks in my account. i was tempted to sell because the price was going up every day but after speaking with my broker who warned me i decided to wait for shares to come into my account first. luckily, the price kept going up till the shares arrived in my account and i made handsome profit otherwise i would ahve sold them cheap if they had come early. but i shudder at the thought what if i had sold them with out waiting for them to come into my account.