Hi aman singh,

Float option means that if you get a more preferred seat, then you can have it otherwise your first round seat will still be in your hands- meaning, if you get a better seat you can take that and be upgraded to that otherwise what you have now will be taken as final. Also, no you cannot rearrange your college list in 2nd round as Choices entered by the candidates shall be treated as final. These choices will be used in the order of preference for seat allotment. The candidates will not be allowed to modify/alter/delete/add more choices after locking their choices or after the last date of choice filling, whichever is earlier. The same choice list shall also be used for seat allotment in later rounds of counseling if candidate chooses to participate. Therefore, one has to be very careful while filling and finalizing the choices.

Hope it helped!