The publication is a niche product focused on the subject of photography. It was launched approximately two years ago. The same company also publishes `Over Drive', a magazine on the automobile industry.

Sources said the INS feels that the publication has a foreign equity component, which is contrary to 1956 cabinet resolution that ruled out foreign equity in print media in the country. Sources, however, said foreign equity in `Better Photography' is not substantial to call the publication as foreign-owned.

The Press and Registration of Books Act, 1861 states that any person residing outside the country cannot be the printer, publisher or editor of any publication taken out in thecountry.

Interestingly, the Act does not say that an Indian publication cannot have any foreign equity component. The cabinet resolution has, however, been so far considered as the guiding principle for the FIPB regarding any application regarding foreign equity in Indian publication.

The most recent incidence of such a case has been the proposal put in by Readers' Digest before the FIPB. The board had put the proposal on hold.Media experts are divided on the subject. One school feels that when foreign equity to the extent of 100 per cent already exists in the electronic media then perhaps it is not fair to prevent foreign equity in print media as well especially, when there is no legal sanction against it.

Significantly, though foreign equity in electronic media has not been formally allowed but, there is no law in place to bar it, experts stated.The draft broadcasting bill, which was tabled under S Jaipal Reddy, mentioned allowing up to 49 per cent foreign equity in electronic media.

Though thegovernment has not formally allowed foreign broadcasters to beam their channels into the country yet, the decision to allow uplinking from the country is as good as allowing broadcasting in the country, experts felt.

In the two phases of uplinking policy, the government has allowed companies with maximum of 20 per cent foreign equity to uplink from the country and now, even to set up their own earth stations. In the third phase, which was earlier expected to be merged with the enactment of the Broadcasting Act, it is believed that all channels would be allowed to uplink from the country.

The other school of thought believes that foreign equity in print media should be barred as it involves public sentiment. They feel that just the way in which the government has decided not to open up terrestrial broadcasting, print media also should remain an exclusively domestic affair.