Mumbai, July 21 -- In this part of the world 'Captain Cool' resonates more than 'Captain America'. Recognising this, MS Dhoni, who makes only an annual IPL appearance but still dominates consumer mind space, took the successful first step in June to trademark a title that has been his second name for the best part of an illustrious career. India's Controller General of Patents, Designs and Trademarks "accepted and advertised" Dhoni's plea and should there be no objections over 120 days, it would clear the way for one of Indian cricket's most celebrated captains to open a chain of coaching centres, if he likes, trademarked Captain Cool. A few cricketers have tried business ventures exploiting their name such as Sachin Tendulkar and Zaheer Khan's restaurants. There is, however, a grey area in certifying athletes to leverage sobriquets earned on the field of play. Is Dhoni the only captain in a team sport who stayed cool under pressure? He certainly became the most recognisable in India; that's what the trademark registrar appears to have ruled. Then there is the moral argument. Can an athlete commercially exploit what essentially was love of the masses? But search for a list of known epithets for our famous sportspersons and you will find there is another claimant. If Dhoni or Chennai Super Kings were to trademark 'Thala' they would discover that the title isn't available until 2033. It already belongs to an entrepreneur who sells steel bars. 'Hitman', Rohit Sharma's cricketing moniker, has been trademarked by a protective safety firm. Sachin Tendulkar is the only 'Master Blaster' we have. But the cricket icon has been unable to claim sole ownership of this. India's trademark portal shows an insecticide firm sought the label before withdrawing. Tendulkar's initials 'SRT' also have many claimants. In the sporting sphere, Sunil Gavaskar may be India's original 'Little Master' but a host of businesses, from ready made garments to footwear, have trademarked the term. "From the sequence of events this appears to be a case of trademark registration for defensive purposes to prevent a prior applicant from using it. In that sense, Dhoni's move could be to prevent free riding on his reputation and goodwill. It remains to be seen how he will use the mark," said sports lawyer Nandan Kamath. The very idea of maximising one's commercial appeal has been underutilised in India. "People have tried the idea but I don't think any of our athletes have an investor mindset that is needed to build a brand they own," said Kamath. "People have trademarked their names but not traits. After Dhoni, it may become more common," said Vidushpath Singhania, also a sports lawyer. "Trademarks help because we don't have a personality rights regime. Globally, sportspersons have image rights that are licensed commercially. When Barcelona signed (Lionel) Messi, other than his playing contract, for his commercial rights, they signed a separate deal through his image rights firm." Football contracts between star players and clubs involving astronomical sums have fallen out because of a dispute over image rights. In American sport, the trademark regime is the most advanced. It is best understood from the "three-peat" example. Pat Riley, the legendary NBA coach of Los Angeles Lakers, trademarked the term "three-peat" in 1988 when they were homing in on a hat-trick of wins. Lakers could not win their third consecutive title but the move proved prescient and lucrative for Riley over time. Beyond play, legacy-building moments hold potential value. Even the most innocuous temperamental moments from athletes who wear their heart on the sleeve are strategically licensed. John McEnroe's tirade at the chair umpire from Wimbledon 1981, "You cannot be serious" was also the name he gave to his memoir in 2002, which he subsequently trademarked. Basketballer Kareem Abdul-Jabbar has trademarked his 'skyhook' shot. Nothing stops Dhoni from seeking trademark protection for his 'helicopter' shot. Sprinter Usain Bolt has trademarked his 'Lightning Bolt Pose'. If Shubman Gill's managers are prompt, they could trademark 'The Shubman bow'. Trademark protection can be a strong push for brand development. But from a marketing lens, it's only a building block for the marketing and merchandising push of a business idea. Whether to bank on one's calling card as a player to last the distance is a dilemma for many sportspersons. Virat Kohli runs a number of business ventures but none of them with the Kohli imprint. "Unlike in entertainment, sportspersons have a finite journey," said Indranil Das Blah, who runs his own sports agency. "When you are giving your nickname to your product, you are not sure if it will have the same recall after you retire. If a brand is independent of your name, it may."...