Protein Tyrosine Phosphatases (PTPs) and Protein Tyrosine Kinases (PTKs) together regulate the phosphorylation level of different proteins in the biological system for facilitating normal cellular functions like cell growth, adhesion, differentiation, migration, survival, and apoptosis. PTPs remove phosphate groups from the phosphorylated tyrosine residues of their substrate proteins. Hence if PTPs are unchecked it can lead to several clinical conditions including oncogenic transformation. Therefore, a detailed study to understand PTPs is of prime importance with respect to targeting potential targets for various human diseases. Small molecule inhibitors that regulate the activity of PTPs could serve as therapeutics for various human diseases and disorders. This thesis entails the research performed addressing the abovementioned scientific problem with an aim to contribute to this field of research.