Permalink not working on IIS hosting

Hi,
Custom permalink is not working. I am trying to setup custom permalink structure on my shared IIS 7 hosting. My website hosting company has informed me that URL ReWrite module has been installed.

I am trying to use a custom structure for my URL.
http://hostname.org/%postname%/.

Below is the <ReWrite> snippet from web.config file under <system.webServer>

<rewrite>
<rules>
<rule name="Main Rule" stopProcessing="true">
<match url=".*" />
<conditions logicalGrouping="MatchAll">
<add input="{REQUEST_FILENAME}" matchType="IsFile" negate="true" />
<add input="{REQUEST_FILENAME}" matchType="IsDirectory" negate="true" />
</conditions>
<action type="Rewrite" url="index.php" />
</rule>
</rules>
</rewrite>

I tried the following but it still didn’t work
<action type=”Rewrite” url=”./index.php” />
<action type=”Rewrite” url=”/index.php” />

I am using Twenty Twelve theme and running WordPress 3.5.1.
Any idea what am i missing here?