I suppose that your material consists of electrically conductive particles embedded in an isolating matrix. If you observe a capacitive behavior of your nanocomposite the elctrical conductivity of the material is not based on electrical conductive paths, but on an electron hopping process or tunneling.
The capacitance occured, because the polarisation of the conductive particles follows the externally applied electrical field. You will find the same situation at a normal capacitance.
I would like to recommend you a book well explained about Impedance behavior in terms of RC equivalent circuits as written in the chapeter 16 to 17 of "Electrochemical Supercapacitors: Scientific Fundamentals and Technological Applications", by B.E Conway, published by Kluwer Academic / Plenum Publishers, New York(ISBN 0-306-45736-9).
Sorry Dr. RanjithKumar, I do not have a soft copy of the book that the publisher did not supply so. But, since this book is a Bible to the supercapacitor researchers, hence you can get it from one of them near by you.