Hello Chetan,
go through these from https://www-secure.symantec.com/connect/forums/sepm-liveupdate-failed-0
12.1 RU2, Language: SymAllLanguages, ItemSeqName: PATCH
bSelect=((GetRegValue ("HKLM", "Software\\Symantec\\Symantec Endpoint Protection\\SEPM\\Content", "Ferrari")=="1") ||
(GetRegValue ("HKLM", "Software\\Wow6432Node\\Symantec\\Symantec Endpoint Protection\\SEPM\\Content", "Ferrari")=="1"));
6/19/2014, 15:37:37 GMT -> Calling GetRegValue ().
6/19/2014, 15:37:37 GMT -> The registry value "Ferrari" in "Software\Symantec\Symantec Endpoint Protection\SEPM\Content" at "HKLM" could not be found, defaulting to "<NULL>".
6/19/2014, 15:37:37 GMT -> "<NULL>" == "1" evaluated to false.
6/19/2014, 15:37:37 GMT -> Calling GetRegValue ().
6/19/2014, 15:37:37 GMT -> The registry value "Ferrari" in "Software\Wow6432Node\Symantec\Symantec Endpoint Protection\SEPM\Content" at "HKLM" could not be found, defaulting to "<NULL>".
6/19/2014, 15:37:37 GMT -> "<NULL>" == "1" evaluated to false.