Intellectual property is a class of property emanating primarily from the activities of the human intellect. Any property, movable or immovable, is legally protected to prevent it from being trespassed / stolen.Similarly, the rights in an intellectual property created need to be protected from infringement / commercial cannabilism. The legal rights accrued on the intellectual property created are termed Intellectual Property Rights (IPR).

Different forms of IPR
The Trade Related Aspects of Intellectual Property Rights (TRIPS) in the agreement of World Trade Organisation(WTO) recognizes seven forms of IPR, namely Patents, designs, trademarks / service marks, copyrights, geographical indications, integrated circuits and trade secrets.

Patents
These are legal rights / monopoly granted for a limited time for inventions employing scientific and technical knowledge.They are rights, which promote disclosure and prevent imitation or copying. A patent obtained in one country is not enforceable in any other country unless patent is granted in that country. Through Patent Cooperation Treaty(PCT), an inventor of a member country (contracting state) of PCT can simultaneously ensure priority for his / her invention in all or any of the member countries, without having to file separate application in countries of interest, by designating them in the PCT application.India joined the PCT on December 7 , 1998.Examples for patents : A new drug for the treatment of certain disease and a centrifugal pump of fractional horse power. A patent is granted for a period of 20 years.

Industrial Designs
A design is an idea or conception as to the features of shape, configuration, pattern, ornament or composition of lines or colours applied to any article, two or three-dimensional or both, by any industrial process or means which in the finished article appeal to and are judged solely by the eye or product.Examples : Designs as applied to containers, shoes, air conditioners, T.V , mats, chairs. Registration and renewals provides protection in most cases upto 15 years.

Trade marks
A trademark is a distinctive word, phrase, logo, internet domain name, graphic symbol, slogan or other device that is used to identify the source of a product and to distinguish manufacturers or merchants products from others. Registration of trademark is a legal title to intellectual property in much the same way as a deed is title to a piece of real estate. The value of your brand name could be upto 50% of your company’s total value depending upon the popularity gained. Brand value of Reliance Industries is estimated at around Rs. 35000 Cr. The period of registration of a trademark varies, but can generally be renewed indefinitely.
Examples for trademarks : Nike for sport apparel, Kodak for cameras, Coca Cola in soft drinks.

Service Marks
A service mark is a distinctive word, phrase, logo, graphic symbol or other device that is used to identify the source of a service and to distinguish a serviceproviders service and events from others.
Examples: amazon.com(retail website), Standard Chartered (Banking & Finance), Olympic Games multi-colored interlocking circles(sporting event).

Copyrights
A copyright is basically the right to copy and make use of literacy, dramatic, musical, artistic works, cinematographic films, records and broadcasts.Copyright registration protects the works from piracy and infringement. Copyright is granted for a lifetime and more.
Examples: Software programs, Maps and technical drawings, Photographic works, Books.

Layout Design of integrated circuits
The semi conductor intergrated Circuit Layout Design Act,2000 ( Enforcement Pending)

Trade Secrets / Undisclosed information
No exclusive registration exits but the matter would be generally covered under the Contract Act, 1872. These are information which are not readily accessible to or generally known to perform that normally deal with the kind of information in question. It has commerical value because its is a secret and has been subject to reasonable steps to keep it secret by persons lawfully in control of the information.

Protection for new plant varieties
Trips provision of WTO Agreement make it mandatory for member countries to provide protection for new plant varieties.The provisions have given member countries two options for providing protection for new plant varieties –
(i) under the patent law itself and
(ii) by a separate system (called Sui generis system)
Examples : New variety of rice and wheat.

Geographical Indications
These are indications that identify goods as originating in the territory of a country,a region or a locality in that territory, where a specific quality, reputation or other characteristic of the goods is essentially attributed to their geographical origin.
Examples : Darjeeling tea, Kanchipuram Sari.