Margin availability after option short covering

If one has a option sell position. On settling this position, is the money freed up available for taking fresh positions on the same day?

I understand that this was not the case earlier. After recent changes in margin rules covered calls/puts require lesser margins. By that logic covering the existing short positions should ideally make the money available for new positions.
But is that really the case?

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Margin used for the position will be released immediately once you exit the position.
Any profit from the position will be settled at T+1 basis.

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