hi,
you are right..it is not allowed and the person who posted this is trying to pull a fast one.
if you remember some time back Shankar sharma was barred from trading by sebi for one or two years for holding both long and short positions on the same scrip in the f & o segment.
and it would be extremely foolish to try these kind of strategies with icici direct given the high brokerage....and buying and selling at same price simply does not make sense given intraday volatility.
you can do it in f & o with your account and your spouse's account but if you get caught you could be barred from trading. Shankar sharma got away with just one/ two year penalty because he has got the backing of big fish, but for people like us, sebi would ban us for life...just not worth the risk.
regards,
newbie_7