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Is it possible that my mandate has not got registered with the payer bank even through the status shows as "Registration Accepted"?

Yes. This is possible.
The Mandate form needs to be registered with the Payer Bank. ICICI Bank takes up this activity on behalf of the customer.

RBI stipulates the duration required by Payer's Bank for completion/rejection of the mandate. ICICI Bank will update the status of the registration as "Registration Accepted" after the expiry of this period. The updated status of the registration will be displayed on the site subject to receipt of the same from the Payer Bank.

Acceptance of the credit transaction that you are making is dependent on the Payer Bank.