At Zerodha, we have always blocked the exchanged stipulated SPAN + exposure margins when a client opens a fresh position. So this SEBI circular won’t make a difference when it comes to opening new positions.
However, after the circular comes into effect on June 1st, you will be charged exchange penalty if the position goes against you, and you don’t have the necessary funds in your account to match the SPAN+Exposure requirements.
Also, our RMS team may square off the position after a margin call, if you don’t have SPAN + Exposure. Refer this post on tradingqna for more information.