Trade Secrets In India
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FAQ
In order for information to be protected as trade secret, it shall meet the following criteria. The information must be secret (i.e., it is not generally known among, or readily accessible, to circles that normally deal with the kind of information in question). Absolute secrecy is not required.
Contrary to patents, trade secrets are protected without registration, that is, trade secrets require no procedural formalities for their protection. A trade secret can be protected for an unlimited period of time, unless it is discovered or legally acquired by others and disclosed to the public.
Essentials of a Trade Secret: It should have a commercial value. It is known by a limited group of people. Reasonable steps to be taken by the owner to keep the information secret.
Trade secrets may differ across jurisdictions but have three common traits: not being public, offering some economic benefit, and being actively protected.
Trade secrets are protected in India either under contract law or through the equitable doctrine of breach of confidentiality. They are protected by way of restrictive covenants, non-disclosure agreements and other contractual means.