Beyond enabling ultra-fast data transmission, 5G and next-generation networks represent a fundamental transformation in how individuals and organizations connect and interact. The success of these future networks is of interest not just to telecom operators but also to a broader ecosystem--including OTT (over-the-top) service providers, cloud platforms, system integrators, and infrastructure companies. This expanding stakeholder landscape calls for a re-evaluation of conventional telecom regulation in favor of a more adaptable and inclusive framework. 5G and Beyond: Rewiring Telecom Regulation critically examines India's current licensing regime through the lenses of functional separation, diagonal equity, and digital neutrality. Prasad and Sridhar express concern over the growing influence of certain OTT players and argue for regulatory reforms that ensure fairness and flexibility across diverse network services. Core regulatory principles--such as interconnection, spectrum management, net neutrality, and universal access--are revisited in the light of evolving technologies and market dynamics. The authors also explore how their proposed licensing and regulatory framework could be applied to telecom markets beyond India's borders.