Reservoir fisheries are often contentious, largely due to displacement of people in the construction phase of the dam. This becomes a point of conflict between various stakeholders reflected in the management of the fishery. Unlike other types of open fisheries, reservoir fisheries need management to maintain the resource balance. In this context, it is important to examine which types of institutions are appropriate. In the search for an appropriate institution, the equity, economic efficiency and resource sustainability dimensions are important parameters. Fisheries management in Tawa reservoir in India is a case that underwent state, private and cooperative management. Through this case study, an attempt was made to identify the institutional responses that appropriately and reasonably address the three critical parameters of equity, efficiency and sustainability. A blended analytical approach between descriptive statistical and qualitative analysis for equity and sustainability and production frontier for efficiency analysis was used in this study. The results support community management through a cooperative system.