Go to location 'C:\Users\Sanchit\AppData\Roaming\Adobe\Photoshop Elements\12.0\Presets' on WIN and place your .abr files in the brushes folder and .asl files in the 'Styles' folder. Relaunch PSE and you can access these files in the same way you did in PSE 10.
Thanks 1.27Prac, the abr files loaded fine, still no success with the asl files. Any other suggestions? Thank you again for your help.
To load .asl file follow these steps-
1. Go to "Edit Menu>Preset manager" .
2. Click the preset dropdown and choose 'Styles' .
3. Click 'Load' and navigate the .asl fiel you want to load.
4. The style will get loaded and will be available in Effects panel and in ceratain tools.