This case brings out the role of institutions and corporate governance issues in regulatory/policy organisations in the telecom sector. Spectrum is a critical input for mobile services, the economic growth driver. The Indian government, like other governments, attempted to move to a more flexible spectrum governance regime and introduced trading to ensure that more spectrum became available for commercial services. Despite its efforts, the government’s framework was restrictive. The spectrum trading deal between the two private telecom operators—RCom and Reliance Jio—failed. RCom was fighting to remain solvent by selling spectrum, and Reliance Jio needed it for its growth.