Kafka Schema Registry failed to initialize after ZK and Brokers are configured with SASL_PLAINTEXT Security

Question

We are using Confluent community edition setup for Kafka, currently we have a requirement to configure ACLs around the cluster, accordingly we have configured the zk and broker nodes so clients requires authentication(username/password) SASL_PLAINTEXT tokens to publish/subscribe to cluster, its working perfectly without schema registry, however while configuring schema-registry, its unable initialize throwing below exception even though we have configurred it to use SASL+PLAINTEXT connection with brokers/zk nodes. Is there anything I'm missing please help.

Please note we are using allow.everyone.if.no.acl.found=true flag and currently we dont have and ACL defined, so I don't think we need to setup any ACLs for _schemas topic which is used by schema registry to initialize.

[2019-12-17 00:33:23,844] ERROR Error starting the schema registry (io.confluent.kafka.schemaregistry.rest.SchemaRegistryRestApplication:64)
io.confluent.kafka.schemaregistry.exceptions.SchemaRegistryInitializationException: Error initializing kafka store while initializing schema registry
        at io.confluent.kafka.schemaregistry.storage.KafkaSchemaRegistry.init(KafkaSchemaRegistry.java:212)
        at io.confluent.kafka.schemaregistry.rest.SchemaRegistryRestApplication.initSchemaRegistry(SchemaRegistryRestApplication.java:62)
        at io.confluent.kafka.schemaregistry.rest.SchemaRegistryRestApplication.setupResources(SchemaRegistryRestApplication.java:73)
        at io.confluent.kafka.schemaregistry.rest.SchemaRegistryRestApplication.setupResources(SchemaRegistryRestApplication.java:40)
        at io.confluent.rest.Application.createServer(Application.java:201)
        at io.confluent.kafka.schemaregistry.rest.SchemaRegistryMain.main(SchemaRegistryMain.java:42)
Caused by: io.confluent.kafka.schemaregistry.storage.exceptions.StoreInitializationException: Timed out trying to create or validate schema topic configuration
        at io.confluent.kafka.schemaregistry.storage.KafkaStore.createOrVerifySchemaTopic(KafkaStore.java:172)
        at io.confluent.kafka.schemaregistry.storage.KafkaStore.init(KafkaStore.java:114)
        at io.confluent.kafka.schemaregistry.storage.KafkaSchemaRegistry.init(KafkaSchemaRegistry.java:210)
        ... 5 more
Caused by: java.util.concurrent.TimeoutException
        at org.apache.kafka.common.internals.KafkaFutureImpl$SingleWaiter.await(KafkaFutureImpl.java:108)
        at org.apache.kafka.common.internals.KafkaFutureImpl.get(KafkaFutureImpl.java:274)
        at io.confluent.kafka.schemaregistry.storage.KafkaStore.createOrVerifySchemaTopic(KafkaStore.java:165)
        ... 7 more