Telecom market liberalization and regulation by a separate and independent body has been the trend for about two decades. Many countries have been ripping the benefits as a result. Howsoever, in Ethiopia, the liberalization efforts did not come to fruition and the semi-independent regulator did not live longer. The cumulative effect being that the market is still an entrenched monopoly, penetration and quality of services in all market segments is still low and tariff is higher relative to the income of the society. It is within this context that the thesis purports to examine the regulatory institutions, functions and powers in the Ethiopian Telecommunications market.