A highly luminescent thiophene based conjugated polymer, i.e., poly [2-(3-thienyl) ethanol butoxy carbonyl-methyl urethane] (PURET) has been used for fabricating polymeric light emitting diodes in the present investigations. PURET has been doped with varying amount of (4-dicyano methylene-2 methyl-6-(p-dimethyl amino styryl)-4H-pyran) dye. Enhanced electroluminescence (EL) and quantum efficiency has been observed by incorporating small amount of dye. An attempt has been made to understand the mechanism of charge transport, which helped in the understanding of the possible reasons for enhancement of EL emission as a function of dye concentration and allowed for further optimization of device performance. Based on capacitance-voltage (C-V ) analysis it is proposed that the devices in the present investigations, may be modeled as a resistance and capacitor in parallel for the frequency range of 20 Hz-1 MHz. The enhancement in EL intensity and external quantum efficiency of PURET has been observed in addition of small amount of dye which is attributed to the trapping of excitons and enhanced probability electron-hole recombination in EL layer. In addition, voltage tunable color emission has also been observed. This is attributed to the charge transport among the various layers depending upon the applied voltage.