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On-Load Tap Changer (OLTC) forms a vital part of a transformer. Acoustic emission signals have been acquired from OLTC of 230 kV 3 phase power transformers for signature analysis. The acoustic emission signals have been analyzed to characterize the signals with reference to energy and frequency using Discrete Wavelet Transform. Case studies of AE signals obtained from healthy OLTCs have been presented in the paper for probable consideration as reference signals for healthy and normally operating OLTCs.