Thank you dninh.
We configured the parameters as per the guide but that did not work and we were getting the concurrent request exceeded error again, impacting other applications running on that DIS. So we created a new DIS to encapsulate our applications from others. It ran fine for sometime but then threw timed out on MDM side and concurrent request exceeded error on IDQ Developer side. Strangely there were no timed out errors on the Developer logs. We are trying to troubleshoot the errors.