I can access the BIOS setup but can't seem to make changes. I have made changes like Power On Password and enabling the security chip but now I can't select any options. It's almost like it is in Lock mode.
It sounds like you may have set a supervisor password on your system.
Unless the password is entered, BIOS changes and updates may be precluded. There is no supported way to reset the supervisor password as this is a security feature and if the password is lost / forgotten, the system board will need to be replaced.