This experiment investigated the mechanisms of temporal fine structure (TFS) mediated speech recognition in multi-talker babble. The signal-to-noise ratio 50 (SNR-50) for naive-listeners was measured when the TFS was retained in its original form (ORIG-TFS), the TFS was time reversed (REV-TFS), and the TFS was replaced by noise (NO-TFS). The original envelope was unchanged. In the REV-TFS condition, periodicity cues for stream segregation were preserved, but envelope recovery was compromised. Both the mechanisms were compromised in the NO-TFS condition. The SNR-50 was lowest for ORIG-TFS followed by REV-TFS, which was lower than NO-TFS. Results suggest both stream segregation and envelope recovery aided TFS mediated speech recognition.