The correct option (D) execute oscillations but not simple harmonic motion
Explanation:

Force exerted by charges – q at A & B on charge Q are F1 & F2
F1 = F2 = [(KQq) / r2]
The resultant of F1 & F2 is equally inclined with X axis and is along
X – direction towards origin. Let resultant is F'
∴ (F')2 = F2 + F2 + 2F2cosθ
= 2F2 + 2F2 cosθ
(F')2 = 2F2(1 + cosθ)
as F ∝ (1/r2) hence F' ∝ (1/r2)
hence charge Q will move towards the origin & because of inertia it will overshoot origin o. Thus charge Q will oscillate about O but motion is not simple harmonic.