A2A.
Lateral entry admissions in LNM take place after 2nd semester (after the fresher batch had completed their first year ).
You have to give a sort of entrance test for that . The pre-requisite being only that you must have secured a minimum number of marks in your first year at the institution where you have been already enrolled.
Sometimes , if the result of second semester is not yet out from your previous institution , then result of first semester gets considered.
If you have more doubts , feel free to ask.