You will only have the seat allotted to you in the first round if you report to the college as soon as the first round of counselling is done. Once you report and complete the formalities, you can attend the further rounds of counselling by applying for up gradation. Well and good if you get the seat in the subsequent rounds, or else you still have the seat from the first round. But anyhow if you dont report to the college allotted in the first round you will lose that seat.