Purpose: The objective structured clinical examination (OSCE) has become a standard assessment tool in undergraduate medical school training. The aim of this study was to assess the Perception of Students and Faculties for OSCE as a tool for assessment of clinical competence in Summative Examination of General Medicine. Methods: In this Study a total of 150 Final Professional Medical Students appeared for final MBBS part II clinical exam of Sri Aurobindo Institute Of Medical Science & PG Institute, Indore, and 10 faculties of Medicine Department were included. 150 students underwent exam by OSCE method in the presence of 10 Medicine faculty members. The 12-item questionnaire included questions based on to assess the faculties and students awareness and to evaluate their overall satisfaction for OSCE based on the level of agreement. Results: We collected the feedback structured questionnaire from faculties and students and were analysed. A total of 73% study subjects strongly agreed, 51% agreed and 14% disagreed respectively as per their perception for conduct, utility acceptability and feasibility of OSCE as an assessment tool in subject of medicine. Conclusions: An overall positive perception of OSCE by students and examiners was seen. The OSCE was rated strongly in favor as clinical assessment tool in present study and yields dependable information about the performance capabilities of competencies of Final Professional MBBS students.