Once you invest in a Mutual Fund scheme, any change you wish to make in terms of changing plans (Regular/Direct), options (Growth/Dividend) or changing schemes within the same fund house will be considered as a sale (redemption). Hence making any such change is possible but like redemption, these changes will attract exit load and capital gains tax depending on how long you have been invested. The only difference between switching schemes and placing a redemption request is that in case of the former, the money is directly invested in the new scheme while in the latter, the money is credited to your account and you can choose to invest the redemption proceeds in a different scheme later.
If you’ve invested in an equity-oriented scheme (EOS), and you switch your investments before completing a year, applicable exit load (if any) and short-term capital gains tax of 15% will be levied. In case you’ve completed more than a year, long-term capital gains tax of 10% will be levied on gains in excess of INR 1 lakh in that particular financial year.