Hello Sachin,
Generally, Licenses are transferable only in case of RMA.If the license have to be applied on a new switch you have to buy/get a new license.
As an alternative you can try the following, I havent given a try but i would say it's worth trying it
(Below quotes taken from the License Manager 3.0 Datasheet)
"You may want to move premium licensed features from one device to another for reasons such as a change in network topology. Once you select the source and destination devices, Cisco License Manager simplifies this procedure by securely obtaining re-host permission from Cisco.com, revoking the license from the source device, and obtaining and installing the transferred license to the destination device as well as installing a temporary license for the feature being transferred to give you enough time to migrate all connections or traffic to the destination device (Figure 5)"
http://www.cisco.com/en/US/customer/prod/collateral/netmgtsw/ps5734/ps7138/datasheet_c78-563150.html
Let me know how this goes.
Thanks,
Ricky Micky
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