Abstract

Trade secrets are that tiny pieces of an organization's intangible assets that have the power to give it an advantage over rivals. Due to the escalating market rivalry, companies keep such trade secrets inside the confines of their businesses. Trade secrets are a minor component of intellectual property rights, although they are critical to companies to protect their private information and business procedures. Unfortunately, no legislation is in place to safeguard trade secrets in India. It makes the defence of what can be seen as the most vital type of IP vulnerable. In addition, India is obliged under the Agreement on Trade-Related Aspects of Intellectual Property Rights to safeguard trade secrets (TRIPS). The legislative technique used in India differs from that used in other countries. The judiciary has taken a proactive approach to protecting trade secrets in India. In India, trade secrets are enforceable by a contract or through a simple application of common law rules. This paper seeks to indulge in the regime of trade secret protection and the impact of inadequate trade secret protection. The author examines the status of trade secret protection and the relevance of criminal law in protecting trade secrets. Through this paper, the author will establish the need for separate codified legislation enforcing trade secret rights in India. The research concludes that proper protection under the Indian IPR framework must be formulated given the potential trade secrets behold a firm. The study explores the specific laws enacted in this regard in various nations while attempting to supplement the material already in existence about trade secrets and their protection in India.

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