  We present spectral and energy dependent timing characteristics of the hard
X-ray transient IGR J17497-2821 based on XMM-Newton observations performed five
and nine days after its outburst on 2006 September 17. We find that the source
spectra can be well described by a hard (Gamma ~ 1.50) powerlaw and a weak
multicolour disk blackbody with inner disk temperature kT_{in} ~ 0.2 KeV. A
broad iron K - alpha line with FWHM ~ 27000 Km/s, consistent with that arising
from an accretion disk truncated at large radius, was also detected. The power
density spectra of IGR J17497 - 2821, derived from the high resolution (30
micro second) timing mode XMM-Newton observations, are characterised by
broadband noise components that are well modelled by three Lorentzians. The
shallow power law slope, low disk luminosity and the shape of the broadband
power density spectrum indicate that the source was in the hard state. The rms
variability in the softer energy bands (0.3-2 KeV) found to be ~ 1.3 times that
in 2-5 and 5-10 KeV energy bands. We also present the energy dependent timing
analysis of the RXTE/PCA data, where we find that at higher energies, the rms
variability increases with energy.
