Got a call from Intel today. The person informed me that most probably the version of the processor (i7 2600k 2nd gen) and the board (version 402) are not matching, and that is causing the problems.
So I'll have to send it over to their center for diagnostics and he promised me that I'll be returned a fully functional system within 1-2 weeks of submitting the board. I'll submit my board by the end of this month now. Let's see.