Certain Mutual Funds provide investors with an option to shift investment from one scheme to another within that fund. None of the fund companies charge a switching fee. However, when you invest in an equity fund and redeem within 1 year, the fund company will levy an exit load. All fund houses levy such an exit load on equity fund investments redeemed within 1 year. Switching of scheme allows the investor to move investment partly or full from one particular scheme to another to meet his/her changed investment needs, risk profile or change in circumstances during his lifetime.