Hey Preetam,
The Spectral Measurements VI is neat to use, however it is not using the full capabilities of the DSA Board. When you install NI-DSA you will have several examples to help you see how to get the board to do the Frequency analysis for you (without using the Spectral Measurements VI). Try running "NIDSA Getting Started with Baseband FFT.vi" and see if you can get frequencies over 500Hz. The VIs specially made for DSA are located under ALL FUNCTIONS>>INSTRUMENT I/O>>INSTRUMENT DRIVERS>>NI-DSA. These will get the "full" functionality out of your DSA board. (if you don't find them, download and install NI-DSA here http://digital.ni.com/softlib.nsf/webcategories/85256410006C055586256BE600709124?opendocument&node=132060_US
Have fun!