Don't think there is an OOTB rule handler.
You may want to try handling the validation through workflow template filter (BMIDE condition and do not show the workflow template in the first place)
Let me know if it works.
Thanks for your reply.
Workflow filters may be used when we have separate workflows for separate departments (TC==>Groups),
On User basis, i cant use the filters,
So I have used condition task which will check user initiating the workflow is owning user of the object or not.
if true (initiator==Owning User) then it will proceed for next tasks of the workflow.
if false (initiator!=Owning User) then error msg is thrown,