Yes, it is possible. But the process is very limited.

In order to change the college, you are allowed to chose the colleges under the university your college is affiliated in. Remember, you can change your college, but not your university. In order to change the university, you need to approach higher education council of your respective state and they will give you a set of their guidelines. Again, changing the colleges involves payment of double fee, you need to pay full fee at parent college and you need to pay full fee at the college you are joining in. If the college you are joining in is a reputed college, then they may have their own demands.