Hi Kiran,
if you cannot change the installation directory of HP BSM, it usually means a related product,
for example Operations Agent or alike, or an earlier version of HPBSM has been installed before,
and thus set the registry entries.
To get around this, make sure that you don't have any OV* software intalled on the box anymore,
then delete the registry keys which point to (in your case) "C:\ProgramData\HP\BSM\",
and or "C:\Program Files\HP\HP BTO Software\"
for example via
HKEY_LOCAL_MACHINE\SOFTWARE\Hewlett-Packard\HP OpenView
DataDir
InstallDir
ShareDir
or
HKEY_LOCAL_MACHINE\SOFTWARE\Hewlett-Packard\BSM
DataDir
InstallDir
Then delete the leftover folders from your BSM installation and try again.
Greetings
Siggi