Question: I want to run a .exe file (or) any application from pen drive on insert in to pc. I dont want to use Autorun.inf file, as all anti virus software's blocks it. I have used portable application launcher also, that also using autorun only. so once again anti virus software blocks it. Is there any alternative option, such that .exe file from pen drive should start automatically on pen drive insert?

Answer: 
Anti-virus programs block autorun.inf on the solely purpose not to allow some .exe-s to start automatically on pen drive insert. So, basically, what you're asking is impossible.
I havent used Windows in a long time, but I am fairly sure there is a setting in Windows to enable/disable autorunning executeables on mounted drives. That and changing such setting in your antivirus application (or get a new, saner one) would be my best guess.

Good luck!