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How a particular ISP get it's IP ? Is there any centralized authority to distribute IP s ?

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IANA is responsible for the assignment of IP-blocks and AS-numbers to regional internet registries (RIRs). There are 5 RIR's:

Each of these RIRs is responsible for assignments to ISPs in the region they service. They all have their own rules and procedures for obtaining IP-addresses.

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    And those rules are made by the communities in those regions. Anyone can participate in the policy making process. So the community makes the policies and the RIRs (which are non-profit membership based organisations) implement them. Commented Mar 10, 2015 at 8:04

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