A trademark, in simple words, is a sign, logo, or phrase used by a company or organization to identify its services or products in a non–competitive sphere. It is generally regulated under the Trademarks Act of 1999, which legalizes the protection of brand names with respect to their logo, name, figure, and even sound or shape. The owner, by virtue of trademark registration, is granted the right to use the trademark exclusively, and he or she avoids using the same by other unauthorized persons, which helps preserve the worth of the brand.
Trademark registration process in India normally includes filing an application with the Registrar of Trademarks followed by examination and publication of application for objections and registration if no objection is made. A registered trademark is for ten years, and it can be renewed for a lifetime. This system of registration and protection of trademarks is a favourable one in the running of businesses as it enhances confidence, brand loyalty, and recognition of the market. It also protects businesses in cases where such laws are violated.
The trademarks are among the tools that account for the intangible assets of every business and in this manner, encourage growth of the business. Therefore with the world commitments of India like classification of Nice and within law regimes, the trademarks promote competition without any monopoly and economic development.