As per VirtualMachineNetworkShaperInfo I tried to set bandwidth restrictions using Traffic shaping policy on VM using vmware API and it didn't work as expected.
Followed the below link,
I tried to specify VirtualMachineNetworkShaperInfo on VirtualMachineConfigSpec of CloneVM_Task API to create VM. API worked without any errors but the bandwidth limiting is not working as expected. The traffic shaping is working on vlan, but I want to implement on this per VM.