The Essel Group Chairman has called a proper regulatory framework to create stricter entry checks under the media regulator in order to screen out illegal players
BestMediaInfo Bureau | Mumbai | August 10, 2015
With the growing number of television channels, the critical issue facing the news media industry today is about ownership and security licenses of these mushrooming channels. The industry is in dire need of a proper regulatory framework to create stricter entry checks.
Concerned about the issue, Dr Subhash Chandra, Chairman, Essel Group, opined, âThe media houses were started by our freedom fighters, like Raja Ram Mohan Roy, to inform and empower people. However, today a few entities have started news media businesses as a shield for their illegal activities. Regulatory complexities are a concern for the industry and with skewed business models, no serious corporate wants to invest in this industry. It is high time we realise the need for a defined framework of rules under the media regulator in order to screen out these illegal players.â
Media is a soft power, which in a large democracy like ours creates public opinion so that the other pillars of the society like the Executive, Legislature, Judiciary and even business, do not use the democracy for their own gains. The TV medium is different from the print medium, as newspapers are read only by the educated class. But television being a mass medium has a far deeper penetration, reaching even the remote rural areas of the country and in their respective regional languages. Hence, television as a medium has a far greater impact on the society.
The Reserve Bank of India applies âfit and properâ criteria before issuing any permission for entities entering into the financial services. The criteria unveils the corporate whole and searches for sources of funds as well as the relationship of the promoters in a vertical and horizontal manner, as these services impact the finances of the common man. So the question to be asked is, âIs protecting the common manâs mind from getting misled and polluted less important than protecting oneâs money?â
Elaborating further, Dr Chandra said, âToday, ownership of media, particularly of news channels is opaque. We should not be surprised if some of these news channels are owned by underworld elements. The need of the hour is to have a media council with robust media ethics and code of conduct, similar to the due diligence as provided in the banking sector by the RBI.â
Re-iterating the need for transparent media operations, Dr Chandra emphasised âthe criticality of the industry players coming together to raise a joint voice on these crucial issuesâ.
Recently, Zee Business channel brought this issue to light with a discussion on media ownership and transparency.