Thanks Tauseef.
But isn't the concept of creating a Custom LOV is to have the Object get associated with the local values?
Thats why whenever you associate Personal Data File, a lov file gets created in the BO Universe sub-folder in local system & that is why we ought to export the universe, so that it gets to the repository.
I haven't tried your idea, but if you can give some insight into a shared location accessible to BO, I can place my file there & try it out. Moreover will it require an Admin's help in placing the file??
Please advice.