Karthik,
The certification is issued for the exam you pass.
SCJP 1.1 is different than SCJP 2. So, if Sun decides to create another SCJP exam for a newer version, it will be an all new exam and your SCJP 2 certificate cannot be applied to the new exam.
This means your current SCJP (2?) certificate will still be valid, but only for the version you took the exam for.
Ajith