Jenn,Thanks for the reply.
I inspected my data and found that it is not cleaned topologically.It contains overlaps, undershoots and all that stuff.So, when I say that if I edit the vertices of any polygon and it is not immediately getting reflected, it is mere data issue.The edits are getting reflected without calling FeatureLayer::Refresh or FeatureLayer::Update.I am not calling these methods anymore.
So, sorry for bothering you as this issue was data related.
All I can say that, my editing functionality would not have come into existence without your help.You,ESRI guys, are amazing on this forum.
All is set for editing now.
Thanks and regards,
Sanjay Jadahv.