Hilsa was once abundantly available in the 100 rivers of Bangladesh. Fishermen used to catch plenty of hilsa which were sold fresh to the local and urban markets. It was a cheap fish and was affordable even to the poor. However, its population has declined significantly over the last 30 years. Such a decline in catches prompted the government of Bangladesh to declare four sites in the country's coastal rivers as hilsa sanctuaries restricting fishing during the breeding season. In this chapter, the authors discuss how incentive-based conservation through payments to the affected fishers' households works, and explore ways and means to enhance its performance to make it more equitable, effective and efficient as well as sustainable.