Risk management norms mandate stronger margining, uncapped fund contributions and a structured default waterfall to limit market risk. Strengthened risk management norms require exchanges to set Initial Margins based on an estimated Margin Period of Risk (MPOR) with a minimum of two days and to scale margins by liquidity; increase delivery period margins and withdraw spread-margin benefits before tender or a specified pre-expiry day. Exchanges must apply graduated measures for repeated margin/pay-in shortfalls, impose concentration margins for concentrated positions, use a ranked set of liquidation tools to regain a matched book, differentiate base minimum capital for clearing members by trade type, remove the cap on SGF contributions so exchanges meet quarterly assessed shortfalls in full, and follow a prescribed default waterfall until clearing transfers to clearing corporations.