Electromagnetic wave Light is electromagnetic wave. There is continuous vibration of electric and magnetic field in the light. It means that I I place a conducting coil in the light. There will be change in magnetic flux linked with this loop. Then why is there is no induced current in the loop which is placed in the light?
 A: If the loop's axis is parallel to the magnetic field vector in the light, (or, if the light is unpolarised, at any of the directions perpendicular to the propagation direction) then, on the face of it, you're right. 
If you were working with radio waves (of wavelength several metres or more) you do get an alternating emf induced in such a coil. Early portable radio receivers of the 1920s often had coils of large cross-sectional area, called 'frame aerials' that captured signals from passing radio waves by means of these induced emfs. [A later version was a coil wound round a ferrite rod.]
However the wavelength of light is far lower, in the order of 500 nm, as you know. This means that a coil won't work in the same way. For one thing, it will 'capture' not the oscillation due to the light at one point, but the oscillations at millions of points, and these oscillations will be at different points in their cycles and won't re-inforce each other. Another effect is that any induced emfs are of such high frequency that free electrons in the coil won't move as you might expect them to do at 'ordinary' frequencies...   
A: why there is not current induced in the loop which is placed in the light
There is, or at least can be.  This is exactly how most AM radios pick up the broadcasted signal.
However, the orientation of the coil relative to the propagation direction of the EM wave matters.  The orientation of the coil or antenna relative to the polarization angle of the EM wave also matters.
