Adding a "second" to this as came across it independently last week - able to reproduce with multiple shapefiles; also found online resources about other products/tools having similar issue caused by reading in shp and dbf files but not the cpg (which in my case says "UTF-8")? Implies it's not so much a new feature as one to fix :)
sunitha1210, how often do you need to do this? If you import shapefile into PostGIS and then access it from there, the character encoding issue doesn't seem to occur (have tried with multiple different sources) . Attached screenshots are the same source data, one shows it imported as shapefile, one when same data brought in through PostGIS.
Also you can use PostGIS to do some other tasks before the data brought into Spotfire (including things you can do in R, but could also do in the database before loading - have just tested using sources presented as same CRS - regardless of source CRS, for example). Please feel free to message me if you want to discuss further.