Poly(3-hexylthiophene-2,5-dyil) (P3HT) doped Polymethyl methacrylate (PMMA) free standing films are prepared by solution cast method. Weight ratios are maintained at very low concentrations of the dopant in the range 0.001wt% to a maximum of 0.7wt%. UV-Visible ,Fluorescence, AC conductivities and Xray diffraction studies are carried out. A multi band gap material with band gaps in the ranges of 4.5 to 5eV, 4 to 4.5 eV, 3 to 3.5eV and 1.5 to 2eV have been noticed. PMMA being an insulating matrix turns out to be a conducting material with the insertion of highly conjugate P3HT polymer. Fluorescence excited by 375nm at room temperatureaffirmed no drastic changes in the emission property of P3HT inside PMMA environment. There is increase in ac electrical conductivity, dielectric constant as expected. XRD diffractograms revealed diffused diffraction bands indicating the polycrystalline nature of the new material. Transparent polymer films can be used in theconstruction of solar cells, LEDs, display systems and even as a transparent electrode.