Prashant, it was a feature up until about 3 years ago and still is with the Enterprise (Corporate) product. We have requested its reintroduction many, many times and it has not been given any sort of priority unfortunately.
There are rumours afoot regarding major changes coming in the 2010 products. Keep an eye on our Beta site for any news. At present they only have the latest 2009 products available, but it shouldn't be too long before they appear. Test Future McAfee Products
Meanwhile if certain files and folders are being mis-identified as malware you can follow this procedure to have them, hopefully, ignored in future.
First disable VirusScan:
To temporarily turn off VirusScan do the following:
Double-click the taskbar icon to open Security Center Click Advanced Menu (bottom left) Click Configure (left) Click Computer & Files (top left) You can disable VirusScan in the right-hand module and tell it for how long.
Then click the Restore button (left & assuming it was quarantined) & restore the item.
Send the file to Avert for analysis: http://vil.nai.com/vil/submit-sample.aspx or https://www.webimmune.net/default.asp or Email file to: [EMAIL="email@example.com"]firstname.lastname@example.org When submitting samples via E-mail all samples must be packaged in a .ZIP file. When creating this .ZIP file, it is important to understand that the .ZIP can be no more than 3 megabytes in size and can contain no more than 30 files. Additionally, any .ZIP file created must be password-protected using the password "infected" (minus the ""). Failure to follow these guidelines will cause your submission to be rejected.
If Avert reject the submission reply immediately to that email leaving the header intact appealing it and they will send it for further testing.