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Motherboard - Asus A8N E - 8000/- (Does this have good Onboard Sound or will I have to go for a separate soundcard)
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Pretty decent, unless you're an audiophile.
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Speakers - Altec Lansing MX5021 - 9500/-
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You have expensive tastes. Get a demo for ATP3 (INR 3200/-) See if you like these. Will save you a lot. Good review here -
http://www.3dsoundsurge.com/reviews/ATP3/ATP3.html
Invest savings in an excellent APC UPS. (650 VA for INR 3800/-) Will give you 20 mins + backup and peace of mind. You can even plug in a fan if the Jamshedpur heat bothers you.
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LAN - The institute recommends 10/100 MBPS LAN Card (Will the onboard LAN suffice?)
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Onboard LAN your mobo is 1000Mbps (gigabit). On chip firewall. Line condition reporting. Excellent nVidia web based configurator.
No problems here.
That's my two cents worth. And, all the best for your MBA.
Keith