The debate on licensing of Standard Essential Patents (SEPs) on what is termed as Fair, Reasonable and Non-Discriminatory (FRAND) terms, has been on for over a decade and across the globe. Typically the issues surrounding such licensing have focused on methodologies for calculation of royalties (top-down v bottom-up approaches), an appropriate base for determination of royalty (smallest saleable patent-practicing unit versus end price of the device), availability of injunctive relief to SEP holders, hold-up and royalty stacking abuses. Last few years have seen how the policy has evolved through changes in ex-ante and ex-post regulation. The patent policies of Standard Setting Bodies have seen some revisions and both the judicial rulings as well as antitrust interventions have evolved with recent decisions seeing attempts by courts to actually undertake intensive econometric exercises involved in the calculation of FRAND royales. As a result, the existing framework of FRAND policy and rules has seen significant developments in a relatively short span of me. In times to come, FRAND is expected to be faced with greater action. This is predicted as the Internet of Things (IoT) is expected to become the next patent war zone.