Hi Gagan,
You can go to your /components/com_easyblog/themes/[your current blog theme]/blog.read.php file and remove the following code within the file:
<?php if($system->config->get('main_subscription') && $blog->subscription) { ?>
<li class="blog-email">
<a href="javascript:eblog.subscription.show('<?php echo EBLOG_SUBSCRIPTION_ENTRY;?>' , '<?php echo $blog->id;?>');"><?php echo JText::_('COM_EASYBLOG_SUBSCRIBE_BLOG'); ?></a>
</li>
<?php } ?>
Hope these help.