i don't see anything wrong with motherboard, if there is a surge in power line, it will be filtered out in SMPS and before that in UPS. So, i guess its something to do with power connection in your house. But, lets solve from start to end:
1. connect any other electrical or electronic equipment on the PC socket, is it working? (just test the socket with AC tester as well)
2. If yes, connect the PC to another working socket and test whether the PC repeats its behavior.
3. If yes, then get the SMPS output on any electronic board and do a load testing on it with different resistor and reactive load. If you don't have loader circuit, simply use resistors.
4. If SMPS works fine, connect your SMPS to other PC or your friends PC (motherboard) if possible and check if same thing happen to other motherboard. If yes, then problem with SMPS, or UPS, power supply connection.
5. If not, then problem with motherboard power on and startup circuit or with BIOS is corrupted. Upgrade the BIOS once from manufacturer website and rerun the motherboard. If the problem still persists, send the motherboard back to manufacturer and get it repaired.
Hope that helps.