The access to biological resources located within India is governed by the Biological Diversity Act, its Rules and Regulations, that were enacted in furtherance of the Convention on Biological Diversity (‘CBD’) and the Nagoya Protocol. One important aspect under them is fair and equitable ‘benefit sharing’ wherein, users of biological resources are required to share certain parts of the benefits accruing to them from such use, with the local communities that preserve those resources and impart their traditional knowledge relating to them. We argue that the current benefit sharing regime in India is problematic on various fronts and a recent judicial pronouncement has only aggravated these concerns further. Luckily, the CBD and Nagoya Protocol do not envision a singular model for benefit sharing and leave that for the member countries to decide. Therefore, we propose an alternative two- step ad-valorem royalty model that should be explored which addresses various problems prevalent in the current regime. The specifics of the proposed model can be worked out with due deliberation but our purpose is to highlight the existing problems in the system and initiate a discussion towards rebranding India’s benefit sharing regime into a more definite, credible, transparent and fairer regime. We believe that the proposed model is a concrete step towards the same.