Post-secondary student
You may change your school, program and/or field of study without applying for a new study permit. You do not need to apply for a change to the condition of your study permit, either. You may continue to use your study permit as long as it is valid.
If you are changing your level of study (e.g., bachelor’s to master’s), you do not need to apply for a change to the condition of your study permit, either.
http://www.cic.gc.ca/english/helpcentre/answer.asp?q=487&t=15
now about changing college... Centennial is bit of a freak... they won't transfer your funds from their college to another college. Of course the other college you are joining should be in SPP list. What Centennial is gonna do now is they will refund your fee in your very own account from where the funds originated. Then from there, you can pay to the next college. However, in all this transit of money form one account to another, you will surely loose around 15 to 20k INR just because of forex conversion and wire transfer fee (of course not to forget the admin fee Centennial is going to charge you which should be 500 to 900 CAD).
Now, I know some experts will pop in here and say colleges don't transfer the funds back to your account, they simply just transfer the funds to another SPP college you joined... anyway you can try, try writing an email to Centennial to confirm this. As per September 2013, Centannial and some other colleges too, they have tie-ups (which can be better called - anti poaching) and they aren't transferring fee to another college rather made the process bit tedious to avoid such cases.
Cheers!