Investors in the telecom sector have a reason to cheer. The telecom regulator TRAI has recommended norms for sharing of telecom spectrum between two operators. All spectrum bands have been freed up for sharing. This move will certainly help telcos reduce operating costs. It will also lead to lower tariffs if the benefit is passed on to the consumer. After years of policy logjam, it is heartening that some progress is now being seen. However, it may not be a time for celebration just yet. The new norms are just suggestions as of now. They still have to be notified. What's more, the norms have come with caveats. The TRAI has put a 25% cap on the amount of spectrum that a company can share. Also, companies will be allowed to share spectrum that they hold in the same band. Thus a company cannot share its 2G spectrum with another telco's 3G spectrum. Despite these restrictions, we believe this is a positive move by the regulator. It will ease operating costs for telcos as well as improve the quality of service. We hope this is a sign of things to come. Easing of more regulations can certainly bring 'Acche Din' to the sector and to its investors.