Media, since a long time, contributed immensely to independence and development of nation state and continues to do so. In recent times, it has, inter alia, tirelessly focused on and succeeded in introducing corporate governance and regulatory body in banking, security and insurance, company affairs, science and technology, health, education, competition and right to information. Knowledge Commission and Yash Pal committee have recommended for overhauling, including setting up of CHRM, of education and research. In executive, legislature and judiciary, we have the president, the speaker and the chief justice respectively. But, there is no regulatory body or even any governance norms in the fourth estate.

Media has been recently playing a pro- active role in uncovering and goading investigation into crimes and corruption in high places. But has it all been fairly done? Has not there been bias, witch-hunting and violation of privacy? The reputation of eminent journalists like Barkha Datta and Vir Sangvi has come under cloud. Moreover there are new entrants continuously and an increasingly intense competitive pressure. Transparency, objectivity and accountability in evaluation of news and views and their communication to customers are of paramount importance now. There are charges of plagiarism too.

Santosh Desai has in TOI, June 10, 2010, satirically given ‘10 easy tips to manipulate media’. This is mainly for TV, but largely valid for print media also. In both print and electronic media, objectivity and transparency in evaluation of news and views are not very obvious. Not much is known on the existence of any structured approach to or system of corporate governance for evaluation, objectivity, transparency and accountability in customer service and other such operations in media. As a result media is losing credibility. As early as on 27th June, 2009 in a discussion program in NDTV, almost all the eminent journalist present agreed and cried against declining morality (immoral or amoral – there was a debate) in journalism, package sales and corruption in visual / electronic and print media. They were, ironically, celebrating the ‘finest in Indian journalism’

There have been so many cases of investigative journalism in medical, education and political/bureaucratic corruption but the same in corporate/ financial sector and media has been practically absent. Further, there are reports of a nexus between media and corporate sector /finance sector companies. Where does the aggrieved one approach in such cases in media, for justice

In view of all these there is a crying need for Governance norms and a regulatory body in Media also.