Thanks Michal for the reply,
1). The jumpers are connected as in the image
2). In device list, the OPEN SDA HARDWARE looks like below:

Do I need to install any driver software apart from FREEMASTER?
3). A virtual disk drive is appearing with LASTSTAT.TXT file - and when I open it, it says "Ready."
4).Crrently I am generating code from MATLAB and dumping the code to the board directly from MATLAB and the code is executing its job perfectly.
Could you please confirm whether the issue is with board or the wauy in which I installed FREEMASTER?
Thanks in Advance.