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The challenges associated with the OFDM system are addressed. OFDM transmits redundancy in terms of Cyclic Prefix (CP), which decreases the spectral efficiency of the system. A pulse shaping filter for the OFDM systems is proposed to remove the constraint of CP. Also, transmit and receive filters in OFDM system suffer from poor frequency response because of the use of rectangular window function. The non-rectangular window based prototype filters are proposed for the transmitter and receiver end. The comparison of performance of OFDM system and the suggested filter bank based multicarrier systems is provided in terms of BER and the stop band attenuation of the constituent filters.