Unable to bond in nRF Connect application?

I am enabling bonding, but the nRF Connect application and it does not show the peripheral ( nRF52833 ) device is being bonded. Is there any other thing I am missing ?

SDK Version: nRF5_SDK_17.1.0

static void peer_manager_init(void)
{
	ble_gap_sec_params_t sec_param;
	ret_code_t           err_code;


	err_code = pm_init();
	APP_ERROR_CHECK(err_code);

	memset(&sec_param, 0, sizeof(ble_gap_sec_params_t));

	// Security parameters to be used for all security procedures.
	sec_param.bond           = 1;
	sec_param.mitm           = 0;
	sec_param.lesc           = 0;
	sec_param.keypress       = 0;
	sec_param.io_caps        = BLE_GAP_IO_CAPS_NONE;
	sec_param.oob            = 0;
	sec_param.min_key_size   = 7;
	sec_param.max_key_size   = 16;
	sec_param.kdist_own.enc  = 1;
	sec_param.kdist_own.id   = 1;
	sec_param.kdist_peer.enc = 1;
	sec_param.kdist_peer.id  = 1;

	err_code = pm_sec_params_set(&sec_param);
	APP_ERROR_CHECK(err_code);

	err_code = pm_register(pm_evt_handler);
	APP_ERROR_CHECK(err_code);
}