Another reason for improved sentiment in Vodafone was the sense that the worst fears for telecom regulations might not materialize.

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There are factions inside Verizon pushing to allow workers to Bring Their Own Devices to work, according to Cibelli, but progress has been hampered by the strict regulations that telecom companies face.

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Correspondents say that so far the mighty Mexican telecom companies have eluded efforts to tighten regulations.

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He added that many Indian companies, including telecom operators, are already subject to stringent government regulations that would punish them for security breaches on their networks.

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In February, the FCC said that Free World Dialup should be considered an "unregulated information service" under FCC jurisdiction, rather than a telecom service, which would be governed by numerous state and federal regulations.

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More to his credit, Mittal has reached the top after navigating through a thicket of regulations that have held sway as the country liberalized its state-dominated telecom industry in stages.

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