In this article, the dispersion characteristics of the paraxial near axis electromagnetic EM waves in a relativistic electron beam guided by the ion channel are investigated. Equilibrium fields such as ion-channel electrostatic field and self-fields of relativistic electron beam are included in this formalism. In accordance with the equilibrium field structure, radial and azimuthal waves are selected as base vectors for EM waves. It is shown that the dispersion of the radially polarized EM and space charge waves are influenced by the equilibrium fields, but azimuthally polarized wave remain unaffected. In some wave number domains, the radially polarized EM and fast space charge waves are coupled. In these regions, instability is analyzed as a function of equilibrium structure. It is shown that the total equilibrium radial force due to the ion channel and electron beam and also relativistic effect play a key role in the coupling of the radially polarized EM wave and space charge wave. Furthermore, some asymptotic behaviors such as weak and strong ion channel, nonrelativistic case and cutoff frequencies are discussed. This instability could be used as an amplification mechanism for radially polarized EM waves in a beam-plasma system where a relativistic electron beam is guided by the ion channel.
