Higher Order Spectral (HOS) analysis is often applied effectively to analyze many bio-medical signals to detect nonlinear and non-Gaussian processes. One of the most basic HOS methods is the bispectral estimation, which extracts the degree of quadratic phase coupling between individual frequency components of a nonlinear signal. Most of the studies in this direction as applied to ECG signals are on the conventional, long duration (up to 24 hours) Heart Rate Variability (HRV) data. We report results of our studies on short duration ECG data of 60 seconds using power spectral and bispectral parameters. We analyze 60 healthy cases and 60 cases of patients diagnosed with four different heart diseases, Bundle Branch Block, Cardiomyopathy, Dysrhythmia and Myocardial Infarction. From the power spectra of these data sets we observe that the pulse frequency around 1 Hz has maximum power for all normal ECG data while in all disease cases, the power in the pulse frequency is suppressed and gets distributed among higher frequencies. The bicoherence indices computed show that the pulse frequency has strong quadratic phase coupling with a large number of higher frequencies in healthy cases indicating nonlinearity in the underlying dynamical processes. The loss or decrease of the phase coupling with pulse frequency is a clear indicator of abnormal conditions. In specific cases, bicoherence studies coupled with spectral filter, suggest ECG for Myocardial Infarction has noisy components while in Dysrhythmia, power is mostly at high frequencies with strong quadratic coupling indicating much more irregularity and complexity than normal ECG signals. In addition to serving as indicators suggestive of abnormal conditions of the heart, the detailed analysis presented can lead to a wholistic understanding of normal heart dynamics and its variations during onset of diseases.