Error while creating procedure from from SAP HANA Development Perspective

Hi all

I am trying to create a procedure  to insert some entries in a table based on certain condition . And I create it from Development Perspective. 

The procedure looks good but when I try to activate it, it gives me the privilege  error 

[105210]{212566}[366/-1] 2013-09-09 20:48:50.216024 e REPOSITORY       SqlScript.cpp(01290) : error executing statement; insufficient privilege: Not authorized at ptime/query/checker/query_check.cc:2137;

I added the Object privilege _SYS_BIC to my user but still getting the same error.

I am an admin user in this system and was wondering , are  there any other privileges am missing?

Regards

Vivek