Yes. But you will have to inform the CHC in that case as you are moving from a lower level course to a masters course.
Also you must know that MBA = University and admissions deadlines for universities for Jan intake are long gone and of Sept '12 intake would be around Jan mid-end. And admissions to reputed Universities is definitely not a cake walk.
Also not to forget that to get admission in a reputed university for MBA you need a good GMAT and IELTS score.