importkeystore fails to a password less pkcs12 keystore

Imports from any keystores like jks, jceks, bks or pkcs12 are failing.

Steps :
1) Create any type of keystore(jks, jceks, bks or pkcs12)
Eg: JKS - keytool -keystore testkeystore.jks -genkeypair -keyalg EC -alias testcert -dname CN=b -storetype jks -storepass password -keypass pass123

2) Try to import same in to a password less pkcs12 file
keytool -importkeystore -srckeystore testkeystore.jks -destkeystore testkeystore.p12 -J-Dkeystore.pkcs12.macAlgorithm=NONE -J-Dkeystore.pkcs12.certProtectionAlgorithm=NONE

Error message:
Problem importing entry for alias testcert: java.security.KeyStoreException: non-null password required to create PrivateKeyEntry.
Entry for alias testcert not imported.
Do you want to quit the import process? [no]: