electronics_kumar, don't trust in everything you read above:
A feedback from collector in SE configuration IS POSSIBLE of course, and also used, see the attached figure "se.png".
While the feedback inserted by an emitter resistor is a negative current feedback, the feedback from collector is a negative voltage feedback. Study general feedback features to find out its influence on circuit properties (input impedance, gain, output impedance, distortion, etc.).
Best Regards
Eric