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Hello student,
If you are allotted any college during the first round of counselling but want to apply for second round too you can definitely do that. If you want any better college you can surely participate in second round of counselling.
But as you said that if you leave the seat of private medical college for any other better college there may or may not be any penalty fees as per the guidelines of the institution. So kindly go through the guidelines first during the admission process.
However that depends on colleges so nothing can be told with surety.
Hope you get some clarification.
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