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Hi Khushi,
As per the question number 15 of the FAQs on the MCC official website, once you are alloted a seat in the second round, then you have two options-
1. Exit with forfeit- where you do not take admission and agree to leave the seat loosing the security deposit.
2. But once selected the seat, any individual can not resign or surrender the seat selected.
I hope this information helps.
All the best.
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