Creating Regulators is not the End, Key is the Regulatory Process is being released at a time when the world is with a financial crisis triggered, atleast partially, by regulatory batting failures. This lesson which has been learnt from real world events is also echoed through this report – establishment of regulatory commissions is not enough, effective implementation is not enough, effective implementation is equally important. This report focuses on the regulatory process and examines how regulation actually works in a cross-section of developing countries that have taken significant step towards liberalization and commercialization. There is a commendably wide rage of seven countries from Asia and Africa, and regulated sectors including telecoms, energy, water, transport and financial services. It encompasses many aspects of the regulatory framework: extent of industry restructuring; nature of the regulatory mandate; appointment and governance; regulatory resources; the decision making process and the networks and network access; accountability and appeals; and enforcement and government intervention. This report will be interest to almost the entire spectrum of professionals connected to regulations or its use: academicians, researchers, practioners, policy makers and members of various regulatory commissions apart from the interested layman.