What are best practices of managing Risks in Project

First of all you have to plan your risk managment, you must identify the risks as early as possible and keep it in risk register which contanis information about your risks (category, priority, triggers, status, owner, etc...) You must monitor and control your risks and apply your contingency and risk response plans as needed.
While monitoring and controlling risks, you will be implementing workarounds, updating risk register, Identify new risks, implement change requests for corrective/preventing actions.
This is a simplified list of how to manage risks and you should always follow your orgnisation standerd procedures and practices and refer to lessons learned from privious projects

As a well recommended practices of managing risks in projects are risk assessment, prioritization, finding solutions, cost analyses, communication, agreement of best solution(s), execution. 

by just being cool mind by making more friends so that we can manage though more stress falls...so we can cop-up

Important thing is to define your risks so i suggest create a risk register, name risks, type of risks, define risks,its impact , chances of occurrence, mitigation plan, updates , tracking & team/people responsible for actions........by this u will be able to manage risks easily.
(if they occur).

Few client PMs are not accepting Risk Registers to be presented to Steering Committee or Management because they think their Manager might hold the project due to many risks arising...
did anyone face such issue ?

risk sometimes it may successful or may be fail but plan for completing them is main thing.