Please have a check on the IICS PAM document to figure out if the Windows server edition that you are using to install secure agent is supported or not,
Thanks for help Akshaye.
Though PAM suggested Enterprise 64 is compatible but issues occurs for different builds versions.
This is working fine with 2018 copy of Enterprise also with higher builds of 2020 release but not with 2019 Enterprise version as per my experience.
Upgrade or downgrade windows did resolve my issue.