"Yes, it's over," the official, who asked not to be identified, said in response to a question on the SEC filing. "The listing will be around the third week of June," he added.

The listing would make the company the third local firm to list on the NYSE after ICICI Ltd, and its offshoot, ICICI Bank. MTNL had initially planned to list its shares on NYSE by mid-March by converting some of its global depositary receipts (GDRs) into American depositary receipts. MTNL, of which the Government holds 56 per cent shares, has appointed Shearman and Sterling as legal consultants for the listing.

It raised Rs 16.35 billion ($374.7 million) in November 1997 through a GDR issue.

Officials of the MTNL, which launched a partnership with MasterCard International for payment of bills through the credit card, said the company planned to launch its GSM-based cellular phone services by the end of June."By June-end, we plan the soft launch," company chairman Srinivas Rajagopalan told reporters on the margins of the news conference, adding that regular GSM mobile services could start anytime after that.

MTNL denied domestic media reports which said it had been asked to suspend the GSM project activities following an inquiry into the purchase of GSM equipment.

"MTNL has not received any communication to suspend the GSM project related activities," an MTNL statement said, adding that the plan was working according to a "pre-determined schedule."