Hello Subharoj,
if multi layer switching is working MSFC should process very few traffic.
So first of all verify your mls settings.
I suppose you are using Hybrid mode catOS on supervisor and IOS on MSFC.
show mls
it says if it is enabled
there is a line that tells who is the RP verify that the ip address is one of the MSFC.
you can telnet to the MSFC with session N
where N can be found on the output of sh module on the supervisor. (15 on cat6509)
MSFC to supervisor should use a 4Gpbs pipe via catalyst bus.
Hope to help
Giuseppe