Dear Shweta,
SRM consider entrance marks according to the counselling round like for the first round of counselling they will consider the marks of phase 1 similarly for the 2nd round of counselling they ask you to submit the marks/rank of your phase 2 examinations. same this happen with phase 3 also, phase 2 counselling is still running you can take part in that counselling according to the marks of your phase 2.
Best Of Luck!!!
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