The present disclosure provides a system and method for providing live streaming of video data. The system includes: a storage unit to store a plurality of waiting to transmit a set of multimedia data signals from one I-frame to next I-frame; an index assignment unit to assign an index number to each multimedia data signal to be transmitted; a latency calculating unit to calculate latency count in transmission upon transmission of the set of multimedia data signals such that a predefined condition is checked, by a conditioning unit; a transmitting unit adapted to transmit the set of multimedia data signals, I-frames, inter-coded frames (P-frames) based on calculated latency count; and an elimination unit configured to, when the latency count is equal to the predefined condition, eliminate at least same number of un-transmitted P-frames prior to an immediate next I-frame waiting to be transmitted in the storage unit.