In the present paper, we introduce a Stancu type generalization of generalized Srivastava-Gupta operators based on certain parameter. We obtain the moments of the operators and then prove the basic convergence theorem. Next, the Voronovskaja type asymptotic formula and some direct results for the above operators are discussed. Also, weighted approximation and rate of convergence by these operators in terms of modulus of continuity are studied. Then, we obtain point-wise estimates using the Lipschitz type maximal function. Lastly, we propose a King type modification of these operators to obtain better estimates.