In this communication, preliminary study of crystal data, micro- structure, and detailed studies of capacitive, resistive and magneto-electric characteristics of a lead free complex electronic system (Bi0.5Sr0.5Fe0.5Ce0.5O3 = BSFCO) is reported. A mixed-oxide route (calcinations/firing at 1100 A degrees C for 8 h, sintering at 1150 A degrees C for 4 h, medium = air) was used for the synthesis of the material. Determination of crystal data (unit cell parameters) and basic structure (crystal system) was carried with diffraction data collected by X-ray powder diffractometer at room temperature (24 A degrees C). Based on the above information, material was found to be in orthorhombic crystal system. The crystallite dimension or size of the prepared powder was determined by using Scherrer's mathematical formula. Thermal effect on ac signal induced capacitive (permittivity and tangent loss) characteristics of the material was studied. Intra and inter-granular contributions on electrical transport, interfacial polarization and relaxation mechanism of above electronic system were analysed using complex impedance spectroscopy data collected at different temperature and frequency. An important role of ac signal and temperature in understanding of electrical conduction mechanism has been discussed on the basis of Jonscher's universal-power law. Room temperature magneto-electric characteristics of BSFCO have been buttressed by many new data including ME coupling voltage coefficient of studied material .Substitution of multi-elements (Sr, Ce) at different sites of BiFeO3 has significantly modified physical properties of bismuth ferrite and found useful for applications.