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Could you explain me hot to read the Hardware details from the Phy level.ie i want to get the details which is processed by the FPGA & CPLD( what ever it may be interrupt/ any triggered signal).
Please explain in detail how does the CPU get to know about newly inserted HW.

Read up on the hal daemon or kudzu for information on how linux sets up hot-plug devices. I think thats what you're after if not please clarify a bit better.