Delivery, or a CNC (cash and carry) trade, means you buy shares with the intention of keeping them past the session. The shares are credited to your demat account after settlement, currently on T+1, and stay there until you sell. You pay the full value upfront; there is no leverage. If you buy 20 SBI shares at ₹800, you need ₹16,000 in your trading account plus charges. Delivery suits investing over weeks, months or years, and it removes the pressure to square off before 3:30 PM. Taxes differ too: delivery gains are capital gains, short-term or long-term depending on holding period, while intraday is treated as speculative business income. Delivery investing is generally the sensible starting point for beginners because a temporary fall does not force you out of the position. It still loses money when the company or the market does badly.