First of all, I must admit a couple of elementary mistakes here.... embarassing facts actually....
As Alex pointed out, the unit did come with the GI switched at down on at "I" position. I had assumed the "on" position means GI is on.
Secondly, while fiddling yesterday, I noticed that the "red light" at the back was not lighted when I lose connection, which suggested to me there is some power issue. I suspect that the Oyaide plugs does not connect well on the Regen power input due to the weight of the plug (by the way, should it be a 2.1mm or 2.5mm input plug?). I have since added extra Silicon rings to support the connection. So far no drop outs this morning (fingers crossed).
I will report back after the next few days to confirm this finding.
Also to clarify, the ticks happened when the GI switched off. With the GI on, music flows beautiful. I understand that my DAC has GI on the USB input side, but even this, I found some improvement with the Regen. Volume seemed abit attenuated but I am also hearing better separation and imaging.
Once again, apologies for raising the alarm bell and for the embarrassing nature of the user error. Really appreciate this community support.
PS : I use Acoustic Revive USB cable.