Hello vinaytp,
normaly on modern systems such events are managed via udev. If you have udev installed and properly configured, you should have "autorun" (which belongs to the M$ terminology ;-) )
You may want to read this:
http://reactivated.net/writing_udev_rules.html
Also note, that on many systems the hal-daemon (hald, hardware-abstraction-layer) comes into play when it comes to hardware-recognition-events.
Markus