Sorry, late reply, Ajay, I missed this.
The only way to test the Regulator section of the R/R is with the engine running. Battery voltage should be low to mid 14v with the engine at 5k RPM. But, gotta fix the spark first...
The service manual shows how to test the Rectifier section of the R/R but don't bother. The rectifiers rarely fail and no matter what, the Regulator still needs to be tested as above, and if that test passes then the rectifier is confirmed good by default.
If the R/R is bad, it is probably the stock OEM part (massive problem with this part) which should be replaced no matter what! If the R/R failed in high-voltage mode it can fry the ignitor box, possibly what happened in your case.
For the ignitor box, it can not be tested stand-alone (not without special equipment). The best way to test it is to swap it into a known running SV650. Or swap a known good ignitor into your bike (not as good a test).