Well I answered part of my own question. The following change to the Inserted event will let me view the newly inserted data. I have another button to add new record in the emptytemplate of the search form. This is why I am changing the mode to insert as the default mode is readonly. This will let me insert the data but after inserting it doesn't display the form at all. Not sure why Inserted event is not kicking in properly.
Protected Sub PatronDS_Inserted(sender As Object, e As SqlDataSourceStatusEventArgs) Handles PatronDS.Inserted
Dim NewID As String = Nothing
Try
NewID = e.Command.Parameters("@PatronID").Value.ToString
PatronDS.SelectCommand = "SELECT * FROM tblPatron WHERE PatronID='" & NewID & "'"
lblPatronID.Text = NewID.Trim()
frmPatronView.DataBind()
Catch ex As Exception
MsgBox(ex.Message)
End Try
End Sub