Also Read: TRAI to take up TV channels pricing issue
Speaking to CNBC-TV18, he says the question is not so much about method as much as the way you approach the problem. The pan India approach created lots of problems, whereas the bottom-up approach came up with a completely different set of numbers, Khullar says. What the authority did was it didn't rely on any one method or only one number, it averaged it so that you got for each LSA in a sense an accepted value of spectrum, he adds.
Meanwhile, Khullar also defends the government's move to cap advertising space on television channels to 12 minutes per hour. Regulator world over impose time limits on advertisements, he adds.
Below is the verbatim transcript of Rahul Khullar's interview on CNBC-TV18
How did you arrive at the new spectrum price?
A: You have to find out how are you going to value spectrum in a particular Licensed Shared Access (LSA) and what the authority did was to come up with 5 or 6 different methods econometric methods, cost production, production function, different types of models. Broadly speaking, most of these models gave you completely different valuations.
Q: Why did they give you different valuations? In the 3G spectrum auction and the broadband wireless auction it was a different ballgame from the 1800 Mhz or the 900 Mhz that may be auctioned. Some people would say that they were not comparative, the economic situation of the country was very different. The status of 3G and BWA is different today. Why did these valuations fall off the cliff so to say because there is a set of people who say that the TRAI is completely now reversed the clock to the other direction?
A: That is wrong. The TRAI has not reversed any clock or done any such thing. All we have done is that we have imparted scientific method and used market information as revealed in the auctions to derive prices.
Q: Did the previous TRAI not use scientific methods?
A: I would not say that, scientific method varies from time to time. My scientific method is somewhat different from their scientific method.
As I said the question is not so much about method as much as the way you approach the problem. The pan India approach created lots of problems. The bottom-up approach came up with a completely different set of numbers.
Secondly, please understand if we had relied on one particular approach or method and it gave us a set of numbers which was completely out of whack with what was happening earlier you could understand, but we didn't use one method, we used 5-6 methods. All of them gave numbers within a particular range.
What the authority did was it didn't rely on any one method or only one number, it averaged it so that you got for each LSA in a sense an accepted value of spectrum.
The truth of the matter is that how a telecom service provider (TSP) values spectrum from its individual perspective is not known to me.
All the authority can do is try and make an objective assessment of these valuations and come up with an average. Now we can't do all possible valuations because we will be doing it for another 20 years. Hence, we restricted it to number of methods we had in hand and that is why we came up with these numbers.
So, the valuation was derived from a different set of methods working bottom-up and candidly we offered all these methods to stake holders and said to give us comments. If you don't like the methods give us some other alternative. Nobody gave us an alternative which was workable.
Q: One of the things that came in as the commentary after these recommendations was the Cellular Operators Association of India (COAI) which represents the likes of Bharti, Idea, Vodafone saying that even these reserve prices are unrealistic and they should in some ways be the cap and not the floor to start the next auctions from?
A: I will not comment on what industry associations say. I think the authority has done a fair job. They have been transparent. We have shared every possible approach that we were going to do at every stage, we have had an open house discussion and then we have finalised these recommendations. Individual parties are free to comment on them from their individual perspective but the authority can no longer entertain this as an ongoing discussion forever and ever. Our recommendations are made, it is over.
Q: On the 900 Mhz refarming, the commentary is that the TRAI has not been clear. It has not accepted what the stake holders had to say. Clear the air for us because in the last interview that I did with you, you said refarming will happen come what may. Have you changed your stance from then on?
A: Not at all and I don't understand what you are talking about, what the confusion is about. Even 900 Mhz spectrum is up for auction, what do you think that means that means refarming. If you don't buy the 900 Mhz in the auction, move up to 1800 Mhz. The 900 Mhz auction is open for all to bid. I thought that was the purpose of refarming. So, perhaps you are reading a little too much into things or people are misleading you.
Q: I am restating the question, there is no change as far as the TRAI goes in refarming? That will happen. How does that impact the health of the industry because that is what some of the larger players who now dominate the market say is going to cause a issue as far as cost burdens are concerned?
A: I haven't heard too many murmurs on that account. There was a huge out cry last year when you were pricing 900 Mhz spectrum at Rs 36,000 crore for 5 Mhz. The ballgame has completely changed, number one. Number two, I think everybody has come around to understand that there will be no reservation in 900 Mhz and no reservation in 1800 Mhz. Which means you are a TSP operator sitting on 900 Mhz spectrum, that spectrum is up for grabs and you have to bid in the auction to get it. It is not yours by right, it is not yours by licence, it is not yours by law and it is not yours in perpetuity. Bid, obtain it and move on.
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