Hi @vk.khurava,
You might want to check this document: https://www.ibm.com/developerworks/community/wikis/home?lang=en#!/wiki/Tivoli%20Endpoint%20Manager/page/Server%20Migration
It talks about server DB migration but the checklists can be used when doing DB upgrade as well.
Please make sure that the DB meets the requirements for your BigFix environment: https://www.ibm.com/support/knowledgecenter/SSQL82_9.5.0/com.ibm.bigfix.doc/Platform/Installation/c_database_requirements.html
UPDATE:
9.5.3 now supports MSSQL 2016: BigFix 9.5 Patch 3 is now available
Hope this helps! 