Question: Is there any way through which i can restrict my AIR app to be further distribution?

Say I have make one AIR application and I give this app to my friend. Is there any way so that he can not re distribute this app to any new person?

Answer: 
There's nothing built in that will help you solve this, but two ideas come to mind.

One choice is to require a serial number on first startup. Validate the serial number against a server using HTTPS and then store it, encrypted, in the local store. You could then validate that machine's use of the serial either on the server, or by using something unique to the machine to encrypt the local store.

You could also possibly use client certificates, which would need to be installed on the user machine. The application could then validate against the certificate on startup.
If you restrict your AIR application from distribution, wouldn't that make it impossible for you to give the application to your friend? The only language-agnostic way I can see this be done with any application is that you have your friend come over and have a look on your computer.

If you are keen on making the AIR application "yours" you could try to [sign it digitally](http://www.adobe.com/devnet/air/articles/signing_air_applications_print.html) but getting a certificate costs loads of money.