According to the exchange's compliance regulations, a short position in options cannot be taken on the same day against the option premium you have received on that trading day.
Once the premium amount is credited to your trading account - it can be utilised for any purpose.
Let’s take an example.
You have sold options and have gotten a premium of Rs. 50,000. Let’s assume you have Rs. 25,000 apart from this in your account and you bought a lot of NIFTY FUT the second day in Prime at Rs. 80,000. Since the premium won’t be executed yet, while informing about your margins to the exchange, we’ll not be permitted to disclose the option premium value. So, you will be levied with a margin penalty on the shortfall amount., i.e., Rs. 55,000 (80,000 – 25,000).