Resolution:
1. If you are adding a new menu item to the CIM UI, this needs to be specified in the  $MQ_HOME/config/security/allmenu.xml. For example:

&ltmenuitem class="security" id="catalogmenu_ARAMDM">
                &ltdisplayname&gtARAMDM</displayname>
    &ltbasename&gtARAMDM</basename>
    &lturl&gtGIClient?jsxapppath=JSXAPPS/ARAMDM</url>
</menuitem>

2. Now if you want this new menu item to be hidden for particular role, then use function id = 1001 and make an entry in the FUNCTION table as follows:

INSERT INTO FUNCTION (ID, NAME, DESCRIPTION, FUNCTION ) VALUES ( 1001, 'catalogmenu_ARAMDM', 'catalogmenu_ARAMDM', 'catalogmenu_ARAMDM');

3. To hide it to a specific role, create an entry in role2func table.
insert into role2funcmap (id, roleid, funcid, name, priority) values (mq_sequence_1.nextval, &ltrole-id>, 1001, '&ltRole-Name>', 0)

Notes:
FUNCTION should match with entry in allmenu.xml.
Clear the cache or restart the server once the above changes are done to them into effect.