Kerala boasts of its much-touted Model of Development with rapid progress in socio-economic conditions, yet the fishermen community of the state is not able to make a tantamount progress in social and economic development. The poverty, due to the continuum of debts and exploitation among fishermen, pushed them out of mainstream society. Kerala State Co-operative Federation for Fisheries Development Ltd. known as Matsyafed was established when fishing cooperatives, which were formed to provide financial and technical aid for fishermen, failed to meet their objectives. This study done by CPPR looks into how successful was Matsyafed in bringing change in the existing scenario and meeting its objectives.