Thanks Ricardo,
I have come across ALERT_BADI_COSTCTR_CHANGE.
I am just trying to find out optimum solution.
1. Whether to use custom program with FM: BBP_GET_ALERTS_MONITOR. And run this in background periodically sending mails
2. Use events triggering Alerts to inform about SC in error. (may be ALERT_BADI_COSTCTR_CHANGE could be used.)
Will check this.
-Dhananjay