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Hi @Nishanth Chakkere,You can use PowerShell to set the version limits. For example, you can run the command:
`Set-SPOTenant -MajorVersionLimit <int>`
This allows you to specify a value between 100 and 50,000 for the number of major versions. This is tenant level.
For site and document library level, you can take a reference to this article:
Behavior When Limit is Reached: I suggest you set a number to delete versions when this number is exceeded. Reference: Manage version history limits for your organization.
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