Besides, international revenue of telecom operators may remain under pressure as traffic would continue to move to VoIP players who offer free calls barring nominal data charges. "Given R-Jio's lack of traditional voice offering and considering that its Vo-LTE (4G) offering may not be mature immediately, we see a possibility that Jio may look to acquire a VOIP license," Bank of America Merrill Lynch (BofA-ML) said in a research note.

"In such a scenario, we do not see the possibility of free VOIP calls being offered," it added. An official panel on net neutrality has proposed regulation of domestic calls on Internet-based apps like Skype, Whatsapp and Viber by putting them on par with services offered by telecom operators.

Commenting on this, BofA-ML said this is slightly positive for existing telcos like Bharti/Idea, 'as cannibalisation of voice revenues from VOIP uptake will likely be slower'.

According to BofA-ML, existing OTT (Over the top) players like Skype, Viber, WhatsApp and Google Talk may give OTT license a miss as these companies are not telecom service providers and may not make an exception for one country.

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