If you have been selected in the list for admission, then you should take the admission or else your application will be rejected and your seat will be provided to the ones who are in the waiting list.

See after you are shortlisted the student takes admission as a Provisional student and after that when you submit all your marksheet and verification occurs you become the student eligible for the university. So you have to take admission, else you will miss your seat out.

I hope this answer helps. All the very best for your future endeavors!