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If you have scored a decent rank then it will be a disadvantage for you if you participate from round 2 of counselling. In first round most of the seats will be allotted, if you participate from round 2 then you have compete for vacant seats. The number of seats in round 2 will be less compared to round 2 so you might loose a chance to acquire seat in first round it self. The pros are you will get more time to get your marksheets or any other documents such as category certificate which you may not have at present, you will get time to arrange financial resources. Consequences are that you may loose your chance to get seat in first round itself if you have a decent rank, number of seats will be less and such other cons.
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