MUMBAI: The need for institutional mechanisms to ensure greater transparency and strong enforcement of the existing laws to boost the entertainment industry was underscored here today by legal and financial experts at FICCI FRAMES 2010.

The discussants were of the view that the increase in documentation, awareness of rights amongst people and adoption of international practices were positive steps towards adopting a new legal and financial framework for the industry.

KPMG executive director M&E Jehil Thakkar emphasized the pressing need for a financial framework for the industry in the wake of increasing activity like FDI flows, mergers and acquisitions, private equity deals in the entertainment sector.

Consultant Dina Dattani alluded to process of remake rights and getting rid of the tag of piracy and plagiarism that India was labeled with. She said that although India was increasingly becoming compliant with the global legislations, there was a need to open the doors to give remake rights and obtain picture licenses. Besides the obvious benefits of avoiding legal hassles, it would also lead to opportunities of greater funding. She also stressed on greater protection of rights.

MS&K partner Patricia Myer talked about the requirement for formal rights selling business model, which was quite a profitable model for the TV industry and the need for licensing of the remake rights. She welcomed the change of selling of rights of Bollywood films to Hollywood, which indicated greater acceptability of Indian films. For this trend to continue there was a need to ensure better legislative processes and resolving

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