• Abhishek Rajesh Bhattacharjee

Protecting the trade secret and keeping the nuances of trade a secret are the two main vital components for the development of a company’s, individual’s or manufacturer’s business. One may genuinely put this question that if these two are so essential then why is there no legislation enacted for the protection of the same. Practises of stealing are also very much prevalent in this sphere too. The two main way throughs of stealing trade secrets are Industrial Espionage and Insider Trading. In India, no protection is available for Industrial Espionage as such. The coinage in case of stealing of trade secret of a corporate is Corporate Espionage. Certain indirect provisions are given under the Official Secrets Act, 1923 for the protection for the same. In the case of stealing of trade secrets by way of insider trading, there is protection provided for the same trying to curb the malpractices of illegal insider trading in India by way of the Securities and Exchange Board of India Act, 1992. In the United States it is protected under the Securities and Exchange Commission. Though there is a proper legislation governing the latter, more vivid provisions are necessary to strengthen the protection. The protection provided under the above-mentioned act is very much limited and outdated. As far as the former is concerned, a separate legislation is on a high demand due to the growth in the corporate infrastructure of India as well as an increase in the competition in the market. Therefore, there is not only an utmost requirement of a much stronger legislation guarding the victims of illegal insider trading but there is also a need for a separate legislation governing industrial espionage/corporate espionage. The reasons behind this need has been elaborated and properly phrased in this paper. Understanding the illegality of stealing trade secrets is of utmost importance. This paper focuses on the various aspects which make the above two concepts illegal in nature but before that it also provides a clear understanding as to what is Industrial Espionage and Insider Trading. This paper also enumerates certain important case laws pertaining to the two concepts and prescribed the methods and ways by which the same can prevented.

Espionage, Insider Trading, illegality, business, trade secrets.

"STEALING TRADE SECRET IN INDIA WITH SPECIAL EMPHASIS ON INSIDER TRADING", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 6, page no.302-307, June 2019, Available :http://www.jetir.org/papers/JETIR1907M37.pdf

"STEALING TRADE SECRET IN INDIA WITH SPECIAL EMPHASIS ON INSIDER TRADING", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 6, page no. pp302-307, June 2019, Available at : http://www.jetir.org/papers/JETIR1907M37.pdf