The principle behind community managed fisheries is hand over of the management of fisheries resources to community groups and they will manage the resources sustainably and equitably. The benefits of this approach are obvious - it is pro-poor, equitable and sustainable. Handing over fisheries management to community groups secures access to fisheries resources for those people whose lives depend on them i.e. the poor fishers. This ensures a pro-poor approach supportive of the national goal of poverty alleviation. In addition to this, by making sure that the best fisheries do not forever end up with the few local elites, community managed fisheries guarantees equitable distribution of benefits from fisheries resources. The lives of some millions of people are dependent on fisheries resources and they must be allowed to enjoy the benefits from these resources. Moreover, unlike the current revenue based system of fisheries management, community managed fisheries approach is not driven by the overarching desire for profit. As a result, community groups responsible for managing fisheries resources balance the need for production with conservation which results in sustainability. A brief comparison of the approaches adopted for fisheries management (presented in the following tabular form) clearly demonstrates the advantages of community managed fisheries approach.