Query on total 1 crore asset declaration for ORBIS account

I need to move to Orbis Custodian to trade all strikes in Bank Nifty. I spoke with Zerodha customer service and they told i need to agree that I have asset worth 1 crore while signup but documents / proof are not required for that.

I am earning monthly salary only and Even If i sum up the same salary for next 10 years I’m not going to reach anywhere near 1 crore but If i sum up other inherited asset like land, gold, house, etc. I may have 1 crore.

My doubt is will it create any problem while filing IT if I agree to this.
What if I agree simply even though if I don’t have asset worth 1 crore

Are you into option buying or selling primarily.?
If selling, are you buying far OTM for hedging?
You sell first and buy next. There is no restrictions on selling far OTM

Sooraj, Orbis has some limitations, you may want to check on that before signing up. If you don’t have 1 crore asset, its best you NOT go ahead with it. As an alternative, you can try another broker which allows far OTM strikes.

I sell far away options in both sides depending on my strategy. The 15% oi limit gets saturated quickly in zerodha.

Trading wise there is no limitation. Only things is equity and other segments will be disabled.
I’m using sensibull for options. I tried with 5paisa already and fed up with their technology stack. That’s why I’m thinking to switch to zerodha but their strike limit is the problem. So orbis is the only solution i guess.

How will you arrange margin for selling first? What will be the actual meaning of reduction of margin if you have sufficient margin to sell first?

So what did you do? Did go with Orbis? Because I am also planning to do it now, and have the same confusion.