This thesis reports a passive method for Fermi level regulation in quantum dot assemblies through ground state transfer between QDs. Here, ZnTe/CdS, and PbSe/CdSe core/shell QDs were used as valence band electron donors, while Cu containing CdS or ZnSe acts as electron acceptor QDs. Prior to study of ground state charge transfer process, this report discusses the synthesis of ZnTe/CdS, and PbSe/CdSe core shell QDs, which are later used to study charge transfer. Since ZnTe QDs are unstable and prone to oxidation, a CdS coated ZnTe QDs were used. Growing a CdS shell on ZnTe core is difficult because high reduction potential of Te. To overcome this problem, partially reduced sulphur is used for the synthesis of ZnTe/CdS. The peculiar optical properties exhibited by ZnTe/CdS also have been discussed. Even though the synthesis of Lead chalcogenide nanoparticles has been investigated previously, certain inconsistencies between the behavior expected from known mechanisms and empirical observations. An anion exchange mechanism is proposed and demonstrated to be involved in PbSe formation. Both ZnTe and PbSe based QDs are extensively used to study hole injection and copper containing QDs were used as acceptors. The charge transfer has been studied using optical spectroscopy. The structure and composition of the assemblies was identified using powder crystallography, electron-microscopy and composition analysis. The unique physical and chemical properties of these materials are exciting both fundamentally as well as from the point of view of applications.