No, the security groups in the menu item sections in menu.xml control visibility of these menu items to the current user. I'd say the no access error message comes from the destination of your link. What page is it? Is it an error generated by PPM or a more generic HTML error (403)?
I am able to access the link if that html document exists on application server (itg/pdf/..)
This document is dynamic one; we change the content in the document often. We are trying to have this document on different location where we can change easily than updating the document in the prod application server.