The paper proposes a framework for introduction and ongoing management of strike prices for options contracts in the derivatives segment. The exchanges currently follow different mechanisms for managing strike intervals and that sharp intraday price movements can result in non-availability of options contracts near prevailing market prices. The proposed framework requires stock exchanges to establish rules for introducing and reviewing strike prices, maintaining adequate in-the-money and out-of-the- money contracts, and eliminating strikes far from market prices. Exchanges would also be required to enable intraday introduction of new strike prices without requiring system changes by brokers during market hours.