Global shark populations are in serious decline, especially due to overexploitation through fisheries, whose impact is often increased by a lack of proper management regulations and enforcement. South Africa’s population of chondrichthyan fauna is one of the most diverse in the world, with high rates of endemic and imperiled elasmobranch species. South Africa has been lauded as a global leader in shark conservation through progressive management legislation, such as the 2013 National Plan of Action for the Conservation and Management of Sharks (NPOA-Sharks I). However, South Africa’s shark populations have continued to decline. This study aimed to survey stakeholders’ (students, academics, government representatives, conservationists, recreational anglers, commercial fishers, and tourism-related stakeholders) perspectives on the efficacy of NPOA-Sharks I in managing and enforcing fisheries regulations and to advise the 2022 NPOA-Sharks II approach concerning the conservation of South African elasmobranchs. A total of 89 stakeholders participated in an online questionnaire survey launched in 2021. Most stakeholders viewed the NPOA-Sharks I as somewhat appropriate, South Africa’s current exploitation of shark stocks as unsustainable and management and enforcement of regulations as inadequate. Commercial fishing and lack of enforcement were ranked as the two most pressing issues facing South Africa’s sharks. Similarly, the expert review panel found limited progress (<50%) made in the implementation of the NPOA-Sharks I concerning regulatory tools and sustainable management and called for improved monitoring, surveillance and enforcement of compliance regulations across fisheries as one of the top recommendations for immediate implementation in NPOA-Sharks II. However, the majority of action items under the “Sustainable Management” issue cluster in NPOA-Sharks II suggest a reassessment or reestablishment of existing regulations or the development of new regulatory tools with few specifics provided, reflective of a disconnect between what the lead government agency responsible for the management of South Africa’s sharks, the Department of Forestry, Fisheries and the Environment (DFFE), perceives to be effective and what stakeholders experience concerning shark conservation in South Africa. What was perceived by the national management agency as effective concerning shark conservation in South Africa was not necessarily experienced as such by the stakeholders. There is a need for increased collaboration among stakeholders and significant improvements in the practical management of South African fisheries for shark conservation, which is now also suggested in the NPOA-Sharks II.