No, any change in visa status can only be done after either the expiry of the current Visa, or if the foreign national goes back to his/her country of origin or country of domicile and applies for a fresh Visa.
If a foreign national has entered India through a Business Visa and concluded the intended business activities, and then wishes to stay on as a salaried employee or pursue any other form of commercial activity that does not fall under the scope of a Business Visa, he or she cannot simply convert the Visa type without leaving the country. Even if there is some validity left on the Business Visa, he/she will be expected to begin the Employment Visa application process form his/her country of origin or country of domicile, as the case may be. The person can on grant of such Visa return back to India and continue the Employment. The same rule is applicable to employment visa conversion to business visa.