More than one family sharing ?
i am already a part of a family sharing group. Can I use my ID on the same device to create another family sharing group ?
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You can set up another Family Sharing Group, but you would have to leave your current Family Sharing Group to do it.
See: Set up Family Sharing where Apple advises - Remember, you can only join one family at a time, and you can only switch to a different family group once per year.