In wireless communication multipath propagation of signal will cause major drawbacks like Intersymbol interference (ISI), Delay spread, Doppler Spread and Intercarrier interference. These drawbacks are efficiently handled by using OFDM technology with Cyclic Prefix, but at the cost of High PAPR increasing the non-linear behaviour of Power Amplifier thereby increases BER and in-band distortion, high out of band emissions and loss of spectral efficiency.To reduce the PAPR several PAPR reduction techniques have been proposed over the last few decades but at high complexity. Due to above drawbacks, OFDM technology is not able to provide the requirements of next generation wireless communication and thereby making it un-favourable for 5G communications. To overcome above drawbacks of OFDM, I used a, Filter Bank multicarrier (FBMC), 5G candidate waveform and proposed a method for reducing PAPR, Out-of-band emissions and latency with improving spectral efficiency. I developed a novel precoding method based on a pruned Discrete Fourier Transform (pDFT) in combination with Poly Phase Network (PPN) architecture. The proposed technique has the same peak-to average power ratio as OFDM but does not require a cyclic-prefix and has much lower out-of-band emissions. Furthermore, my method restores complex orthogonality and the ramp-up and ramp-down period of FBMC is dramatically decreased, allowing low latency transmissions. PPN is processed after pDFT, which transforms the received data into ISI-free data.