setrlimit with RLIMIT_NOFILE failing with Operation not permitted

[Uday]

I'm not sure if there is some wrong with what I've been doing it here
This piece of code is not really working as expected when run under valgrind

int main()
{
        const struct rlimit file_limits = { .rlim_cur = 65536, .rlim_max = 65536 };
        if ( setrlimit( RLIMIT_NOFILE, &file_limits ) )
        {
                printf(" Failed  %d", errno );
                perror(" More " );
        }
        else
        {
                printf(" Success ");
        }
        return 0;
}

• run as root user

[root@localhost kk]# ulimit -H -n
800000
[root@localhost kk]# ulimit -S -n
500000
[root@localhost kk]# ./rlimit
 Success
[root@localhost kk]#

• run as root user under valgrind

[root@localhost kk]# ulimit -S -n
500000
[root@localhost kk]# ulimit -H -n
800000
[root@localhost kk]#  valgrind ./a.out
==498== Memcheck, a memory error detector
==498== Copyright (C) 2002-2015, and GNU GPL'd, by Julian Seward et al.
==498== Using Valgrind-3.12.0 and LibVEX; rerun with -h for copyright info
==498== Command: ./a.out
==498==
 More : Operation not permitted
 Failed -1 1==498==
==498== HEAP SUMMARY:
==498==     in use at exit: 0 bytes in 0 blocks
==498==   total heap usage: 1 allocs, 1 frees, 568 bytes allocated
==498==
==498== All heap blocks were freed -- no leaks are possible
==498==
==498== For counts of detected and suppressed errors, rerun with: -v
==498== ERROR SUMMARY: 0 errors from 0 contexts (suppressed: 0 from 0)
[root@localhost kk]#

Here are some more additional information

[root@localhost kk]# uname -a
Linux localhost 3.10.0-693.21.1.el7.hpsp.centos.49772.x86_64 #1 SMP Tue Jul 24 13:26:43 UTC 2018 x86_64 x86_64 x86_64 GNU/Linux
[root@localhost kk]# cat /etc/redhat-release
CentOS release 7.4 (Final)
[root@localhost kk]# valgrind --version
valgrind-3.12.0
[root@localhost kk]# gcc -v
Using built-in specs.
COLLECT_GCC=gcc
COLLECT_LTO_WRAPPER=/usr/libexec/gcc/x86_64-redhat-linux/4.8.5/lto-wrapper
Target: x86_64-redhat-linux
Configured with: ../configure --prefix=/usr --mandir=/usr/share/man --infodir=/usr/share/info --with-bugurl=http://bugzilla.redhat.com/bugzilla --enable-bootstrap --enable-shared --enable-threads=posix --enable-checking=release --with-system-zlib --enable-__cxa_atexit --disable-libunwind-exceptions --enable-gnu-unique-object --enable-linker-build-id --with-linker-hash-style=gnu --enable-languages=c,c++,objc,obj-c++,java,fortran,ada,go,lto --enable-plugin --enable-initfini-array --disable-libgcj --with-isl=/builddir/build/BUILD/gcc-4.8.5-20150702/obj-x86_64-redhat-linux/isl-install --with-cloog=/builddir/build/BUILD/gcc-4.8.5-20150702/obj-x86_64-redhat-linux/cloog-install --enable-gnu-indirect-function --with-tune=generic --with-arch_32=x86-64 --build=x86_64-redhat-linux
Thread model: posix
gcc version 4.8.5 20150623 (Red Hat 4.8.5-28) (GCC)
[root@localhost kk]# ldd -v
ldd: missing file arguments
Try `ldd --help' for more information.
[root@localhost kk]# ldd --version
ldd (GNU libc) 2.17
Copyright (C) 2012 Free Software Foundation, Inc.
This is free software; see the source for copying conditions.  There is NO
warranty; not even for MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.
Written by Roland McGrath and Ulrich Drepper.
[root@localhost kk]#

Any hints on this ?