Yes that is possible by changing the elementPositionX and elementPositionY properties of the MapsurroundElement. See this help topic: MapsurroundElement—Help | ArcGIS for Desktop
I also recommend you to read the Guidelines for arcpy.mapping—Help | ArcGIS for Desktop
Thank you for the links. Just another quick question: I need to reposition texts in relation to other elements on the map surround. As an example say I want to reposition my legend 20mm from the dataframe and other texts below the legend should be vertically distributed. Can this kind of repositioning be done with arcpy.mapping?
Thanks
Adreeta
The help MapsurroundElement—Help | ArcGIS for Desktop xander_bakkergave has element X and element Y and element width all in page units it sounds like simple math from here