The Telecom Regulatory Authority of India (TRAI) will come out with a consultation paper on mergers and acquisitions (M&As) in the sector soon, TRAI Member R. N. Prabhakar told journalists here on Tuesday.

The paper would deal on issues related to spectrum allocation and pricing. The move would unleash the second wave of consolidation in the fast-growing telecom sector, he added.

The consultation paper would also deal on the controversial issue of trading of wireless spectrum and complete buyout of telecom companies, which is not allowed in India. At present, there is a three-year lock-in clause that prevents promoters of new telecom companies from selling stake and exiting a venture. The consultation paper will take a re-look at that clause as well.