Geographical indication (GI) is a collective right and its success depends largely on collective action of the target groups and effective governance by the implementing agency. The present study highlights the shortcomings in the institutional, technical and participatory aspects of GIs in the Indian context using the Institutional Analysis and Development framework. The rice GIs of Kerala viz., Navara Rice, Palakkadan Matta Rice, Pokkali Rice, Wayanad Jeerakasala Rice, Wayanad Gandhakasala Rice, and Kaipad Rice are selected for the study. The objective of GI recognition was achieved from the protection point of view, but as the registered proprietors has not initiated participatory process with regard to marketing and promotion no effects in this regard is achieved except Kaipad rice. The average prices of all the rice GIs in Kerala have increased post GI registration. But the question is that whether the price was sufficient to sustain the farming of these specialty rice. These products reach the end consumers at a very high price, but these benefits are not reaching the producer. Lack of focussed interventions from the institutional arrangements post GI recognition has camouflaged the potential outcomes.