Present invention provides a novel vesicular formulation. Said novel vesicular formulation itself is pharmacologically active. Said novel vesicular formulation is also used for delivery of additional drugs by entrapment of various drugs for therapeutic purpose. The entrapment efficiency of the present novel vesicular formulation is 80%, wherein with increase in the lipid: oryzanol ratio, the entrapment efficiency increases. The present novel vesicular formulation provides enhanced pharmacological activity with entrapped drug compared to respective drug when used alone.