This study is an attempt to explore and analyze various facets of business regulations in the form of Competition Law with telecom sector as an example to understand the dynamics of competition regulations. It will further explore the consumers’ perspective on the Telecom Sector regulator i.e., Telecom Regulatory Authority of India. The primary concern of the international business community is that a “level playing field” is to be maintained. It is common knowledge that competition law is concerned with the promotion and maintenance of competition policy for the benefit of the society and the consumer as a whole. The intellectual foundation and conceptual framework for competition law is provided by the neoclassical micro-economic theory. As such, the rationale, philosophy and casual theory underlying competition law closely reflect the assumption, reasoning and philosophy underlying neoclassical micro-economic theory. The theory rest on the concept of ‘market’, the perceived benefit of market efficiency, the role of competition, and their casual inter-relationship. The competition law may be perceived as a policy instrument premised on the economy theory in which the government deliberately intervene in the economy to enhance market efficiency by correcting market failures. Competition law is justified by policy makers on the basis that if government did not intervene, competition would be sub-optimal and therefore market would not operate as efficiently as it otherwise could. The optimal extent of regulatory intervention remains controversial and is subject to several competing schools of thought. For instance, While the ‘Chicago School’ has traditionally advocated minimal regulatory intervention, the Harvard School has usually advocated greater intervention.