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Can I convert the product type of my hedged position on Zerodha?

You can convert the product type of your hedged position one leg at a time. However, as soon as you convert the product type of one leg, the margin benefit of the hedge will no longer be available. The full margin will be required on your intraday and overnight positions. 

Let's understand this with the help of an example:

You have a position in Nifty Long Futures and Nifty Short Call. This is a hedged position.

Now, you wish to convert the position and avail the margin benefit. In this case, you cannot convert either one of the positions, i.e, you can't convert only the Long Future or only the Short Call position. The margin will only increase if you convert one of the positions. Rather, you will need to convert both the positions into the desired product type to avail the margin benefit. 

Note: MIS index options buy positions cannot be converted to NRML. Learn more.