Hello Raju,
There is no way to control the execution time of a step. TestStand has no way of controlling how long your code module takes to execute. There are however, a couple of things you can do to eliminate some of the extra overhead involved when executing a step. Here are couple of thingsthat come to mind:
1. Disable tracing. You can do this Configure>>Station Options>>Execution and turn off the option that says "Enable Tracing"
2. You can disbable result recording for steps that you do not want results for. Right click on the step and select Properties. Then on the Run Options tab uncheck the option "Record Results".
3. You should also have your load options set to "Preload when execution begins" and your unload option set to "Unload when
seqeunce file is closed" for every step in your sequence that calls a code module. To change this option, right click on the step and select Properties. Then on the Run Options tab and chose the appropriate settings from the ring controls titled "Load Option" and "Unload Option".
The TestStand engine is focused on execution, speed, flexibility, and long-term support/compatibility. You should also note that there are a number of steps done before and after your code module executes. For a list of these refer to Table 6-5 in the TestStand User Manual. I hope this helps.