I got the following message in /var/adm/messages file inside Solaris 10 Global Zone:
Mar 9 17:24:19 servername genunix: [ID 748619 kern.notice] privileged rctl project.max-sem-ids (value 128) exceeded by process 26387 in project 3.
It turns out that the DB2 running on this local zone, is not aware of project settings I made.
So to make it aware, get into the local zone, and do:
prctl -t privileged -n project.max-shm-ids -s -v 4096 -i process 26387
prctl -t privileged -n project.max-msg-ids -s -v 4096 -i process 26387
…
It works now with DB2 database creation after the above changes ..