Software Transactional Memory systems (STMs) have garnered significant interest as an elegant alternative for addressing synchronization and concurrency issues with multi-threaded programming in multi-core systems. Client programs use STMs by issuing transactions. STM ensures that transaction either commits or aborts. A transaction aborted due to conflicts is typically re-issued with the expectation that it will complete successfully in a subsequent incarnation. However, many existing STMs fail to provide starvation freedom, i.e., in these systems, it is possible that concurrency conflicts may prevent an incarnated transaction from committing. To overcome this limitation, we systematically derive a novel starvation free algorithm for multi-version STM. Our algorithm can be used either with the case where the number of versions is unbounded and garbage collection is used or where only the latest K versions are maintained, KSFTM. We have demonstrated that our proposed algorithm performs better than existing state-of-the-art STMs. © 2021, The Author(s), under exclusive licence to Springer-Verlag GmbH Austria, part of Springer Nature.