In the present investigation optical, electro-optical and dielectric properties have been measured for nematic liquid crystal (NLC) material 1550C which consists of 4’-(trans, trans-4-alkylbicyclohexyl) carbonates and 4’-(4-(trans,trans-4-alkyl)-4-cyanobicyclohexane, dispersed with fluorescent dye (Benzo 2,1,3 Thiadiazole) in two different concentrations. Photoluminescence has been enhanced for a dye dispersed system which is the key finding of this investigation. UV absorbance study has also been performed and found to be increased for composite system. Enhanced birefringence after dispersion of dye into pure NLC is also a prominent result of this investigation. Relative permittivity, threshold voltage and dielectric anisotropy have also been measured and found to be increased. The outcome of the present work may be very useful in the construction of liquid crystal displays (LCDs).