Debraj, ASIO support is built into DSP System Toolbox. To select ASIO, go to MATLAB preferences and from there to the DSP tab. Select ASIO as your Audio Hardware API. You can use dsp.AudioRecorder for audio input and dsp.AudioPlayer for audio output. To minimize latency, here's a good starting point: set SamplesPerFrame and Buffersize to N and QueueDuration to 2*(N+1)/Fs where Fs is your sample rate. Then try setting N to smaller and smaller powers of two until you begin to see overrun or underrun warnings on the MATLAB desktop. Back up to the smallest value that does not have warnings. That will give you your smallest latency. MathWorks development has been able to get down to 25 milliseconds and occasionally lower, with N=256 or N=512. All of these capabilities are also available as Simulink blocks in DSP System Toolbox.