Is it possible to create assets in ethereum which will automatically get linked with a particular address and will be able to send from one account to another without using a contract? I have seen that there is concept of tokens in ethereum, but what I want is to be able to create multiple assets and settle an exchange between them.
Are you referring to a new currency over Ethereum? Assets in terms of transactions are bound to their originator (which signs them with a private key using an EC signature); one of the core ideas of the block chain is that each action made by any peers is publicly available and verifiable to others.
If your goal is to create a custom coin over Ethereum have a look at this article.
For starters, you can take a look at the Metacoin project and the concept of colored coins.
A Meta Coin is a coin that is launched on top of another blockchain, as a “meta” layer. For example a small amount of ether is “marked” and can represent an ounce of gold or a share in a company or even points in a video game. Other words for meta coins that are also used are: Tokens, Cryptoequity, Assets, Crypto Assets, Colored Coins and more.