Moved code from uVision to Segger studio for SDK 12.3. Debug code working but Build and Run is not working

[Omnipara]

I followed instructions given here https://devzone.nordicsemi.com/b/blog/posts/segger-embedded-studio-a-cross-platform-ide

I got it working in Build and Debug mode. However when I use

1) Build and run it does not work. Nor does it work when I load thru nrfgoStudio after merging with mergehex.exe to merge softdevice and my sample code of ble_app_uart

3) After running the code I attached with debugger and saw it is failing at Initializing BLE Stack. Check second attached picture

4) Attached my project file options - need some clue what could be wrong. 

5) My SDK is 12.3, my board is 51822AA, 256kb flash and 16kb RAM, Using softdevice - s130_nrf51_2.0.1_softdevice.hex

5)same code compiled in uVision works. This is a sample code without modification

[haakonsh]

"Build and run it does not work. " 
We need specifics. 

[Omnipara]

Yes when I do Build and Run on Segger Studio I see there is a hard fault and when I attached the debugger I saw it is somewhere in sd_softdevice_handler_init. Please see the attached picture of Call Stack.

Same software when I run with an option - Build and Debug on Segger, it runs fine. 

[Omnipara]

Let me know if you also need the project file, this project is ble_app_uart project, just moved it to segger and made modifications as suggested by the Nordic Zone blog and compiled

[haakonsh]

What's the state of the CPU registers when you hardfault?