Hi Siddarth,
I'm sorry but you won't be able to override the mandatory Parameters/Select-Options. In such a case where you want a dynamic Screen control having mandatory fields I usually use the AT SELECTION-SCREEN. Event to make sure the mandatory fields are populated instead of making them OBLIGATORY. You can check SY_UCOMM to make sure the error message does not come up if you just changed the selected entry of your listbox.
Regards
Oliver