As confirmed by a Friend who was caught by Police and we went to Muroor (Traffic department) to clarify with the captain...What he informed us is that :

A person with Light Vehicle driving License is allowed to Drive Vehicle with Maximum of 24 Seats Only (Mentioned on the Istemara). Eg: Nissan Urvan & Toyota Hiace is no issue.

If the Bus capacity is 25 seater and above, he need to go to driving School take test to get Bus ticked in the License. Otherwise there will be fine on him for not having the concerned license.

The Traffic police is in full swing now to catch the violators at the current stage.
Follow the law , be safe.