Assuming you are alloted the seat in the second round then to participate in the third round counselling you can choose the FlOAT option.

Float -The Candidates  accept  the  offered  seat  and  indicate  that,  if  admission  to  an  academic program  of  higher  preference  in  any  Institution  is  offered,  they  will  accept  it.  Else,  they  will continue  with  the  currently  accepted  academic  program.  Such  Candidates  will  be  considered  in
second round of admission.

You can check the further information with the given below link on Page No. 37.

http://fileserver2.mkcl.org/LLB03_2018/OasisModules_Files/Files/289.pdf

Good Luck!