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Why have I not received full credit against the sell value of my holdings?

As per SEBI's new peak margin norms, if you sell stocks from your Demat or T1 (BTST), only 80% credit against the sale value will be available for subsequent trades in the same/other segments on the selling day. The balance 20% credit will be blocked under the " delivery margin " field on Kite until the next trading day.

You can check out the below table for the significant changes applicable after upfront & peak margin norm implementation:

Action Before implementation of the peak & upfront margin rules From 1st December
Stocks sold from demat holdings Can use proceeds to buy other stocks or trade in F&O Can use 80% of the proceeds to buy stocks or trade in F&O. The balance 20% will be available for trade from the next trading day.
Stocks sold from T1 holdings (i.e. BTST) Can use proceeds to buy other stocks or trade in F&O Can use 80% of the proceeds to buy other stocks and 60% of the proceeds to trade in F&O
Intraday profits earned Can use proceeds to buy stocks or trade in F&O on the same day Cannot use the earnings until settled by the Exchanges i.e. T+1 for F&O and T+2 for Equity
Options sold ___________________________ Can use proceeds to buy stocks and trade in either currency or equity F&O on the same day Can use proceeds only to buy options in the same segment i.e. option sell credit for stock options cannot be used to buy currency options.
Hedged Position Can exit any leg first without margin penalty even if there is an intraday margin shortfall when the position with additional risk/margin isn’t carried overnight. First exit the higher risk/margin position if adequate margins are not available since margin requirements will be monitored intraday and shortfalls may lead to a penalty.

An NRI with a Non-PIS account can only use 60% of the sale proceeds for trading or investing on the selling day, and the remaining 40% will be released on the next trading day. See How can I open a Zerodha trading and demat account as an NRI?

Check this Z-connect post for more details.