Independent Analyst, Kunal Bajaj also agreed with Jain and believes the names of players who have agreed to bid were already anticipated.
Here is the edited transcript of the interview on CNBC-TV18.
Q: The line is pretty predictable, the surprise really from Sistema and Reliance Industries, your first thoughts on that?
Jain: It is pretty much along predictable line. In this overall uncertainty which we have and high prices, we don't have a finalized unified licence and policy is yet to be fully formulated. Taking into consideration the one time fee issue, potential refarming issue, I think this is pretty much along predictable lines.
Q: Purely from a legal perspective and since you are involved in some of the cases, half of the companies participating are existing players who perhaps by some accounts don't necessarily need huge amount of GSM spectrum. They only need top up slots. I am talking about Bharti, Vodafone and Idea. There is a question mark about Tata Tele given what has happened in the Supreme Court where you were represented yesterday. Given this line up and unless it changes with some more information trickling in, do you expect that the auction will see a lot of intense bidding or because of this line up you see that it will be mostly a damn auction?
Jain: Personally, I don't think it is going to see the same kind of intensity as the 3G spectrum auction did which is considered as a benchmark. People's expectations are also built around it. I think as you rightly said this time people will be more cautious, more circumspect for additional spectrum.
I call it a circle wise bidding strategy whereas earlier people would go and would become a pan India player and get spectrum across India. I think it will be a different kind of an auction this time.
Q: From a legal perspective, Sistema staying away, is this sort of an indication with regard to possible dispute between these two governments on the fate of Sistema now escalating because clearly Sistema has fore closed the voluntary option of participating in the auction and CDMA spectrum that it has as of now therefore completely gone?
Jain: By not participating in the auction they have ruled out that possibility. I believe they have filed a curative petition in the Supreme Court and then there is a government to government. Probably, they put their expectation out of those two areas rather than participating again because once bitten twice shy. Maybe they are trying to salvage and recover lost ground through those two routes which I just outlined.
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