Short circuit switch faults in PMSM drives results in improper response of drive and reconfiguration of such a faulty drive requires manual interruption. Hence an online fault reconfiguration scheme is required for continuous and stable operation of drives. Single phase short circuit fault identification and reconfiguration system for three phase four switch inverter fed sensor less PMSM drive is proposed. Fault Reconfiguration system involves an additional leg with two switches and TRIACs connected in each phase of inverter and also in additional leg. Fault is detected based on over current flow in any phase of motor due to short circuit faults. Fault reconfiguration system involves opening of TRIAC in a faulty phase and closing of TRIAC in additional leg. This method does not require any additional changes in hardware to identify fault and the time taken for fault identification and reconfiguration is short such that the over current is suppressed within its first cycle. In addition to fault reconfiguration scheme, a second order sliding mode controller for speed control of PMSM motor is proposed. This controller converges faster and has finite reaching time and settling time even if system has non linearity including system parameters variation with time. To validate the performance of proposed speed controller and fault reconfiguration scheme for three phase four switch inverter fed sensor less PMSM drive is simulated in MATLAB/Simulink environment.