The current seismic design practice, in India, is based on Force Based Design method, with partial incorporation of Capacity Design concepts. In the present study, adequacy of this design philosophy and relative importance of various code provisions are examined by estimating the expected performance of a set of code designed buildings, in deterministic, as well as, in probabilistic terms. FEMA-440 and HAZUS methodologies are used for estimating the Seismic Performance and Vulnerability. It is shown that Special Moment Resisting Frame design, with current design provisions of Indian Standard, has higher probability of damage as compared with Ordinary Moment Resisting Frame, because of higher allowable ultimate drift limit. It is also shown that the deterministic framework of Performance Based Seismic Design does not provide complete insight into the expected performance and associated risks of the designed buildings.