Hello Imran,
For starters the IP SLA Responder is optional feature that can be enabled on the remote router; it is some sort of software component that runs on the Cisco router or switch. It is used to allow the source and destination to give you clean and most accurate result of the IP SLA test.
It is a rather optional feature but it will be needed when you configure IP SLA for jitter measurement
As for the support for the IP SLA configuration on you IOS license is universal
And you will need an advance IP license for support IP SLA
Can please post the sh licence to confirm that
Hope it will help
Ahmed Sonba