An experiment was carried out at 12 suspended nylon net enclosures (hapa) installed in earthen pond with a view to develop a low cost formulated diet for rearing of Penaeus monodon post larvae (PL) for a period of 40 days starting from 28 April to 7 June 2013. Three experimental diets with a protein level of 40% were formulated using locally available feed ingredients. These diets were categorized into 3 treatments viz., T1 (diet-1), T2 (diet-2) and T3 (diet-3). T4 (control) was the commercial diet and each treatment had three replicates. P. monodon PL (ABW 0.005g) were stocked in each hapa at the rate of 500 PL m-2. PL of nine hapas were fed with formulated diets in three times daily at the rate of 100% of the total biomass in 1st week, 50% in next consecutive 3 week and 20% for the rest of the days. In another 3 hapas, commercial diet was supplemented for PL according to same system. Observed water quality parameters were found to be within suitable ranges for PL of P. monodon. Significantly higher (P<0.05) weight (0.433 g) of shrimp PL was found in T3 (diet-3) than those of T1 (0.312 g), T2 (0.356 g) and T4 (0.393 g). Food conversion ratio (FCR) was achieved lower in T3 (1.70) compared to T1 (1.89), T2 (1.84) and T4 (1.77), respectively. The highest survival was also obtained in T3 (73.4%) followed by T4 (69.6%), T2 (65.7%) and T1 (62.8%). Therefore, the findings of the present study reveals that diet-3 containing fish meal 32%, soya bean meal 32%, mustard oil cake 20%, rice polish 5%, wheat bran 6%, wheat flour 4% and vitamin as well as minerals 1% may be recommended for post larvae rearing of P. monodon in pond conditions.