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The main application of Cognitive Radio (CR) is for the broadband wireless access in the rural areas which demand adequate data rate and multi user support. IEEE 802.22, the first standard evolved for CR suggests Orthogonal Frequency Division Multiple Access (OFDMA) as the physical layer technique. In this paper wavelet packet based multi carrier multiple access scheme is proposed which can be an equally promising candidate for high data rate multi user CR applications. The performance of the proposed system is evaluated using standard wavelet bases and is compared with OFDMA.