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Seems I got the answer :)

cic.gc.ca/english/study/study-arriving.asp

If you are a post-secondary student with a valid study permit, you do not need to submit an application if you want to change your program of study or the institution where you are studying. You need to notify CIC through your MyCIC account if you are transferring from one designated learning institution to another, though.
 
And what If a person has applied for Undergrad course and after getting the visa he/she wants to change the college...??