Hi Subramanian:
I don't think so.. as you have equipment records (Material + serial number), you don't need to create additioanl equipment views. You should be able to add class 002 for serial numbers.
Please try creating class (002) and characteristics via CL02/CT04 and assign to equipment via IE02. You will be able to search equipment with classification values in tcode IQ09.
Hope this helps-