This is very interesting Venkataraman. I do not think it is this, but another possibility is  Mansariella lacustris Malhorta et al., 1976. This species is from a very different part of India though. It also appears to bud juvenile medusae from adult medusae. Do you see any evidence for that? 

Another possibility is Keralica idukkensis Khatri, 1984, but this does not appear to fit as well as this has too many tentacles and 4 radial canals are not evident in the pictures.

Can you preserve specimens in formalin and ethanol, and also generate some genetic barcodes from this material? The group is very poorly known and more data like this could make sorting the species easier as time goes on. It is possible that this species is new, but certainly more comparative work would be necessary to be more confident in such a hypothesis.

Dear Dr Allen

I am requesting my colleagues t do the barcode. In the mean tine I have taken some photographs of the medusa. Kindly help me in the identification. I will also keep some preserved specimen with me for future studies.

Beautiful photos. I will dig out my literature and we can discuss as we try to figure it out.

Cheers,

--A

Dr Allen

Here are some more photo of today for you to see.

Regards

Venkatarman

Dr Allen

Here are some photo taken today  for you to see.

Regards

Venkataraman

Dr Allen

The following are the additional information to you on the medusa

Unique arrangement of statocysts and tentacles

1. Only one statocyst between 2 primary tentacles

2. Secondary tentacles arise in a group opposite the statocyst. number of tentacles per group is 5-8. This is unique as well.

3. No scale like membrane

4. Total number of statocysts is on an average 64 per medusa

5. Total number of tentacles ranged from 420 to 480

6. The statocyst to tentacle ratio is the lowest reported so far around 0.14

Regards

K. Venkataraman