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Is it possible to switch between two different schemes of the same AMC on Coin?

A switch is essentially redeeming one fund and purchasing another within the same AMC.

So for example, you are invested in a small-cap fund, you think the market has run up, you can switch from this to a debt fund Or if you want to switch from the dividend plan of the scheme to a growth plan. Currently, on Coin, you will have to redeem it, wait for the proceeds and the repurchase the other fund. No direct switch button is available as these are direct MF held in DEMAT form which is being transacted using the exchange platform. (So works like stocks).

A switch is a capital gain event whatever way you do it - either hit the switch button or redeem and invest. Since you are exiting, the profits will be taxable as capital gains.