Sometimes is difficult to identify octopus species using pics. An alternative way is comparing octopus front legs using species keys (e.g FAO identification catalog) or as a last-ditch alternative using histological analysis.
I think FAO catalogue is nearly useless for identification of photos, but you can use it for approximate identification in accordance of main morphological and distributional features (at least you know where you caught it, and can study it morphological features).
I recommend you to look at Tree of Life web project (http://tolweb.org/Octopodiformes/19405)
If you want to preserve this octopus i recommed you to use 8-10% formaline. Also you could cut off a little piece of its tissue and store it in 90% alcohol (may be useful for DNA barcoding)
It is really difficult to identify octopus just from pics. Most of characters require closed examination of specimens, especially when exact identification bases on male characteristics. If possible, I could help if you could mail me that specimen to the following address (not so far from India);
Jaruwat Nabhitabhata, Ph.D.
Cephalopod Research Unit
Excellence Centre for Biodiversity of Peninsular Thailand
Start your identification with FAO Cephalopod series of 3 books (2005-2013). Octopus are in Volume 3. Then proceed to the original descriptions. Other references for taxonomic process details are:
Guidelines for taxonomic descriptions of cephalopod species -Roper & Voss 1983
An Overview of Cephalopod Systematics Status, Problems and Recommendations -Roper 1983
Techniques for Fixation, Preservation, and Curation of Cephalopods -Roper & Sweeney 1983