In this era of IoT devices, security is very often traded off for smaller device footprint and low power consumption. Considering the exponentially growing security threats of IoT and cyber-physical systems, it is important that these devices have built-in features that enhance security. In this paper, we present Shakti-MS, a lightweight RISC-V processor with built-in support for both temporal and spatial memory protection. At run time, Shakti-MS can detect and stymie memory misuse in C and C++ programs, with minimum runtime overheads. The solution uses a novel implementation of fat-pointers, those associate capabilities with every pointer. Our proposal is to use stack-based cookies for crafting fat-pointers instead of having object-based identifiers. We store the fat-pointer on the stack, which eliminates the use of shadow memory space, or any table to store the pointer metadata. This reduces the storage overheads by a great extent. The cookie also helps to preserve control flow of the program by ensuring that the return address never gets modified by vulnerabilities like buffer overflows. Shakti-MS introduces new instructions in the microprocessor hardware, and also a modified compiler that automatically inserts these new instructions to enable memory protection. This co-design approach is intended to reduce runtime and area overheads, and also provides an end-to-end solution. The hardware has an area overhead of 700 LUTs on a Xilinx xcvu095-ffva2104-2-e FPGA and 4100 cells on an open 55nm technology node. The clock frequency of the processor is not affected by the security extensions, while there is a marginal increase in the code size by 11% with an average runtime overhead of 13%.