This case focuses on regulatory institutions in a fast-changing evolving policy domain of the telecom sector in developing countries, which are typically characterised by a weak institutional environment, making operationalisation of new instruments that may require regulation across sectors difficult. The case highlights the criticality of appropriate regulatory design for spectrum management since predominant access to voice and Internet in developing countries happens only on mobile phones. The case shows how the Competition Commission of India created a regulatory space for itself when a new instrument, Spectrum Trading, was announced by the Department of Telecom (DoT)/Telecom Regulatory Authority of India (TRAI).