Some of the major issues associated with the requirements phase include ambiguity in requirements, lack of connect between Business-IT stakeholders and iterative nature of requirements development. Literature indicates that formal specifications and prototyping can assist in mitigating the above issues. However, iterative nature of the requirements lead to frequent changes in prototyping and formal specifications driving both the artifacts out of synch with each other. There is a lack of an overall framework to establish dynamic association between the elements of requirements specification and prototyping. This paper describes a meta model which associates the formal requirement specifications with prototyping. The meta model is executed with the help of a tool. A case study is described which show cases implementation of the meta model executed through the tool on a live project. This work provides insights on impact of dynamically associated formal specification and prototyping artifacts on requirements development.