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As the floodgates open for new players in India’s audience measurement landscape, a stark reality emerges: setting up a full-fledged television and digital ratings agency in India is not just capital-intensive — it’s operationally and legally complex. 

Read more: <a href="https://www.storyboard18.com/television/oems-big-tech-in-fray-indias-media-ratings-overhaul-to-face-dpdpa-headwinds-72990.htm">OEMs, Big Tech in fray; India’s media ratings overhaul to face DPDPA headwinds</a>

According to top industry executives, any serious player entering the Television Rating Points (TRP) market will need to invest between Rs 1,000–2,000 crore, just to reach a credible operational baseline.

That includes infrastructure setup—panel creation, Return Path Data (RPD) integration via set-top boxes, tech platform development, field surveys, and continuous system audits. 

Some players estimate annual recurring costs at Rs 100–150 crore. 

“This is an operation-heavy business with very high fixed costs,” reveals an industry insider. “Unless multiple players can build differentiated infrastructure or share systems sustainably, most will bleed financially.”

In its latest assessment, the Ministry of Information & Broadcasting (MIB) noted that India currently has approximately 230 million television households. However, only about 58,000 people meters are presently used to capture viewership data, representing just 0.025% of the total TV homes.

This minuscule sample, according to MIB, undermines the reliability of the TRP system, especially in a country as demographically diverse as India. The current system, managed solely by the Broadcast Audience Research Council (BARC), also fails to include data from smart TVs, OTT platforms, and mobile apps—areas where audience attention is rapidly shifting.

This admission highlights the need for an updated ratings framework that reflects contemporary viewing patterns across platforms and devices.

Read more: <a href="https://www.storyboard18.com/television/only-0-025-of-tv-homes-measured-mib-critiques-flawed-trp-metrics-72903.htm">Only 0.025% of TV homes measured: MIB critiques flawed TRP metrics</a>

<a href="https://www.storyboard18.com/television/exclusive-tam-to-maintain-barc-jv-role-sets-sights-on-big-tech-and-dpo-alliances-72895.htm">Read more: TAM to maintain BARC JV Role, sets sights on Big Tech and DPO alliances</a>

BARC, formed after years of measurement manipulation controversies, reportedly spent just Rs 160–180 crore during its setup phase in 2015. But today, to match technological expectations and integrate with digital platforms, the costs are substantially higher. 

Foreign firms might have the capital, but they may lack ground-level experience in India’s diverse media landscape. This has led some to predict that foreign entrants may initially adopt a partnership or joint venture model with Indian firms rather than set up independently.

From a legal lens, entities must navigate the Companies Act, the Digital Personal Data Protection Act, and the Competition Act. 

Establishing a ratings agency requires $20–30 million upfront for metering technology, software, and compliance with the Companies Act, 2013, plus $10–15 million annually to operate across India’s diverse markets, say experts. 

"Data privacy, sample methodology, and anti-manipulation provisions must be baked into the operations of any ratings player. If conflict-of-interest provisions aren’t enforced, the sector could quickly regress into chaos, repeating the problems that led to BARC’s creation in the first place," points out Sonam Chandwani of KS Legal.

Following are the significant regulatory implications any new entity would face:

- Data Protection and Localization: Foreign entities will be required to comply strictly with India’s data protection laws, including storage, processing, and cross-border transfer provisions under the Digital Personal Data Protection Act, 2023.

- Strategic Oversight: Given the role of ratings in shaping public opinion, advertising revenue, and electoral narratives, the government is likely to introduce oversight frameworks to mitigate risks around content manipulation or foreign influence, say Shivalika Midha, Advocate, Jotwani Associates.

- Auditability and Transparency: The government may require foreign entrants to undergo regular third-party audits, disclose their measurement methodologies, and maintain compliance with any guidelines issued by BARC, TRAI, or future regulatory bodies.

So while the regulatory liberalization opens the doors for foreign investment and global competition, it must be underpinned by a strong governance architecture. Done right, this shift can catalyse a much-needed transformation in India’s media measurement landscape, enhancing both trust and accountability across platforms.

Experts also caution that while the policy change is welcome, the idea of multiple agencies functioning simultaneously—each with their own data—is deeply flawed in the Indian context. 

Ashish Bhasin, Founder of The Bhasin Consulting Group, argues that India’s demographic and linguistic complexity means even pooled resources won’t yield representative samples. “You’re better off having one robust, well-governed body like BARC, rather than ten fragmented, under-funded ones,” he says.

And then there’s the issue of ROI. Most new entrants may struggle to recover investments if broadcasters and agencies—who foot the bill—refuse to pay for multiple ratings or doubt their credibility. 

“Multiple currencies will only confuse advertisers and hurt the very ecosystem this move intends to empower,” sums up a senior media executive.

Read more: <a href="https://www.storyboard18.com/television/mib-opens-trp-market-otts-dpos-and-big-tech-can-now-set-up-ratings-agency-72762.htm">MIB opens TRP market: OTTs, DPOs, and Big Tech can now set up ratings agency</a>

No Small Feat: Building a ratings agency in India cost upwards of Rs 1,000 crore

Network18 has stayed ahead of Times Internet Limited, solidifying its undisputed leadership in the news ecosystem, according to May ComScore data.

According to the latest ComScore MMX Report on total digital population, Network18 recorded a whopping 300.35 million unique visitors (UVs) with 67% reach, with Times Internet Limited at just 217.83 million UVs with 48% reach, firmly establishing Network18 as the leader of the news genre.

Network18 has maintained its lead over Times Internet Limited for three consecutive months, recording 315 million UVs in March and 321 million in April. In comparison, Times Internet posted 203 million UVs in March and 196 million in April.

In the digital space, News18.com has outperformed its competitor, registering 245 million UVs, while The Times of India trails at 200 million. News18.com has consistently maintained a significant lead for three consecutive months, with 251 million UVs in March and 283 million UVs in April, compared to The Times of India’s 182 million UVs and 173 million UVs during the same period.

Network18 has reinforced its dominance on television, with its flagship news channels holding leadership positions across Hindi, English, and regional languages. CNN-News18 has maintained the No. 1 position in English news for over three consecutive years, an unprecedented achievement in the industry. Likewise, News18 India has consistently been the most-watched Hindi news channel across the country. 

This comprehensive leadership underscores Network18’s standing as the most influential and trusted news network in the country today, with unmatched reach across screens, languages, and audiences in every corner of India.

<a href="https://www.storyboard18.com/television/oems-big-tech-in-fray-indias-media-ratings-overhaul-to-face-dpdpa-headwinds-72990.htm">Read More: OEMs, Big Tech in fray; India’s media ratings overhaul to face DPDPA headwinds</a>

News18 beats TOI, Network18 stays ahead of  Times Internet, as per ComScore

As India opens its doors to multiple ratings agencies, the battle for credible audience measurement is heating up—TV manufacturers, Big Tech firms, and DPOs are fast becoming the central players in this high-stakes transformation of how media consumption is tracked and monetized.

The Ministry of Information and Broadcasting’s (MIB) recent decision to allow multiple measurement firms has shaken up the long-standing monopoly of traditional audience rating systems. While this move promises to foster competition and innovation, it also ushers in a new set of challenges—particularly around data standardization and user privacy under India’s stringent Digital Personal Data Protection Act (DPDPA).

Smart TV manufacturers are no longer just hardware sellers. With Automatic Content Recognition (ACR) software embedded in millions of connected TVs, OEMs are sitting on an ocean of granular viewership data across platforms—from linear broadcasts to YouTube and OTT apps.

“OEMs are the new last mile,” said Vishal Khanna, founder of Media Pro Research. “They’ve replaced MSOs in data access. With ACR, they can see what’s being watched, but they don’t know who is watching. That makes consent and privacy frameworks absolutely critical.”

Khanna said, “Privacy is a major concern. OEMs must get explicit user consent before tracking content via ACR. There’s a fine balance to strike between collecting meaningful data and respecting consumer rights. Consent frameworks will need to be transparent and compliant with Indian privacy regulations.”

While policymakers and technologists continue to debate the ideal measurement architecture, the market for Connected TV (CTV) in India is already booming. India’s CTV household base has more than doubled, growing from 20 million in 2021 to over 45 million in 2024. According to data from Kantar, this number is expected to reach between 60 and 65 million by 2026.

<a href="https://www.storyboard18.com/television/mib-opens-trp-market-otts-dpos-and-big-tech-can-now-set-up-ratings-agency-72762.htm">Read More: MIB opens TRP market: OTTs, DPOs, and Big Tech can now set up ratings agency</a>

Gowthaman Ragothaman, CEO of Aqilliz and a media veteran, pointed out two major fault lines in India’s measurement evolution. He warns that without a unified approach to cross-media measurement, risking fragmentation of the ecosystem even further. If every Big Tech player starts building their own attribution model without collaboration, it’ll be more of a cacophony than a symphony.

Ragothaman said, “Cross Media Measurement need privacy compliant virtual identities, which requires large scale collaboration of all the key big tech companies. While MIB has relaxed clause 1.4 which offers the ratings agency to pursue non-conflicting businesses beyond audience measurement, this is a double edged sword. This situation should not encourage multiple platforms offering very many measurement solutions, one that cannot be compared at all.”

Ragothaman explained, “One area which the measurement agencies are ignoring is the impact of DPDP Act, that too with the India specific Consent Management system. Big Tech companies and TV OEM need to call out specifically and explicitly that a consumers viewer behaviors are now being used for individual and aggregated measurement. If every big tech company starts to build their won attribution measurement solutions without a proper universe estimation and cross media measurement solutions through collaboration, it be more of a cacophony than a music in measurement.”

Ad dollars are quickly shifting to where the audiences are. In just two years, CTV advertising spend in India surged from ₹450 crore in 2022 to ₹1,500 crore in 2024. By the end of 2025, this is projected to reach between ₹2,300 crore and ₹2,500 crore. Currently, CTV accounts for just 1.5% of the total digital ad spend, but this is expected to rise sharply to 7–8% within the next 12 to 18 months.

<a href="https://www.storyboard18.com/television/breaking-mib-proposes-amendments-to-trp-guidelines-seeks-public-feedback-72734.htm">Read More: Breaking: MIB proposes amendments to TRP guidelines, seeks public feedback</a>

Prashant Puri, Co-founder of AdLift, believes the solution lies in integration—not isolation. Puri said, “To truly capture viewership in today’s fragmented ecosystem, we need a unified approach that combines data from OEMs, DPOs, and traditional panels. OEMs like Samsung and LG provide valuable ACR data showing what’s on screen, but the bigger challenge is aligning stakeholders—Big Tech, DPOs, and OEMs—all of whom are competing over data ownership and monetisation.”

Puri said, “The way forward is a joint industry body backed by transparent measurement standards and clear government guidelines. Globally, hybrid models like those in the US and UK blend panel and smart TV data under strict privacy rules. In India, too, privacy will be a key concern—without strong user consent and anonymisation, we risk losing consumer trust.”

<a href="https://www.storyboard18.com/television/only-0-025-of-tv-homes-measured-mib-critiques-flawed-trp-metrics-72903.htm">Read More: Only 0.025% of TV homes measured: MIB critiques flawed TRP metrics</a>

OEMs, Big Tech in fray; India’s media ratings overhaul to face DPDPA headwinds

Balaji Telefilms is ramping up its digital video businesses as the screen time of Indians grew significantly last year. In an exchange filing, the Media & Entertainment firm said it will be focusing on both Subscription Video on Demand (SVOD) as well as Advertising-based Video on Demand (AVOD), to increase its subscriber base and revenue. 


According to a report by Ernst & Young, Indians spent more than 1.1 trillion hours on digital platforms in 2024. As smartphone penetration continues, the video viewers are estimated to cross 625 million by 2027. 


Aligning with increased viewership on digital platforms, Balaji Telefilms launched 'Kutingg', a vertical short episode-based content in May this year.

Further, Balaji Telefilms mentioned that it will be elevating its YouTube content and accelerate content generation for its streaming platforms, including ETV and Aha. Also, the media company is leveraging an advertising program on behalf of corporations to boost revenue.

<a href="https://cms.storyboard18.com/how-it-works/bse-nse-approves-balaji-telefilms-merger-scheme-nclt-approval-awaits-52387.html">BSE, NSE approves Balaji Telefilms merger scheme; NCLT approval awaits</a>

Balaji Telefilms registered a net profit of Rs 84.6 crore in the fiscal year 2025--an increase of 336% year-on-year (Rs 19.4 crore). However, the company's total income from operations declined to Rs 453 crore in FY25 compared to Rs 625 crore in FY24.


While Balaji Telefilms admitted that it has a strong pipeline of TV shows and movies in the current fiscal year 2026, it is reintroducing its flagship show 'Kyuki Saas Bhi Kabh Bahu Thi' on Jio-Hotstar.

The company said its five shows contributed to 733.40 hours of production in FY25. However, the revenue per hour reduced to 29 lakh in FY25 from Rs 31 lakh in FY24.

<a href="https://cms.storyboard18.com/television/balajis-consolidated-revenue-at-rs-625-crore-digital-business-turns-cash-positive-33298.html">ITC, Prataap Snacks, PepsiCo, Balaji Wafers, under DGGI scanner for alleged tax evasion: Report</a>

The company has aimed to ramp up its movie business across genres and is heavily leveraging its existing shows. In FY25, the company amalgamated ALT and MFPL with Balaji Telefilms to improve operational efficiencies and bolster the market dominance. 

India's media & entertainment sector is set to grow at 10% CAGR, hitting Rs 3.08 trillion by 2026. The revenue from subscriptions for OTT video platforms is expected to grow from $0.88 billion in 2023 to $1.2 billion in 2026. Overall, the OTT segment is likely to grow at a CAGR of 14.1% to Rs 21,032 crore in 2026.

Balaji Telefilms bets big on OTT, YouTube to drive growth amid rising screen time

The Ministry of Information and Broadcasting (MIB) had called for major reforms to India’s television audience measurement system, in a first the Ministry has now cited critical gaps in how the current framework captures viewership in a digital-first era.

In its assessment, the Ministry stated: “India currently has approximately 230 million television households. However, only about 58,000 people meters are presently used to capture viewership data, representing just 0.025% of the total TV homes.”

This minuscule sample, according to the Ministry, undermines the reliability of the Television Rating Points (TRP) system, especially in a country as demographically diverse as India. The current system, managed solely by the Broadcast Audience Research Council (BARC), also fails to include data from smart TVs, OTT platforms, and mobile apps—areas where audience attention is rapidly shifting.

The Ministry further noted that: “BARC is currently the only agency providing TV ratings. It does not track connected TV device viewership, despite it being a major trend.” This admission underscores the need for an updated ratings framework that reflects contemporary viewing patterns across platforms and devices.

The Ministry stated, "Moreover, the existing audience measurement technology does not sufficiently capture viewership on emerging platforms such as smart TVs, streaming devices, and mobile applications, which are witnessing growing adoption among audiences. This gap between evolving viewing patterns and the current measurement framework can affect the accuracy of ratings, which in turn may influence revenue planning for broadcasters and advertising strategies for brands."

One of the central goals of the proposed amendment is to democratise the TV ratings industry. MIB acknowledged, “Existing policies had entry barriers that discouraged new players from entering the TV ratings sector.”

Key among those barriers were clauses preventing broadcasters or advertisers from investing in rating agencies, as well as strict limitations on company activities outlined in the Memorandum of Association. The revised Clause 1.4 now states “The company shall not undertake any activity like consultancy or any such advisory role, which would lead to a potential conflict of interest with its main objective of rating.”

The Ministry has also proposed removing clauses 1.5 and 1.7—long viewed as hurdles for new entrants. The goal, it said, is to “Allow multiple agencies to foster healthy competition, bring in new technologies, and provide more reliable and representative data especially for connected TV platforms.”

The Ministry has invited feedback from industry stakeholders and the general public within 30 days of the draft’s issuance. It emphasized that the reforms aim to allow multiple agencies to foster healthy competition, bring in new technologies, and provide more reliable and representative data especially for connected TV platforms. 

MIB further stated that, "As viewing habits evolve, so must the way we measure them. The amendments will also enable more investments from broadcasters, advertisers, and other stakeholders to improve rating technology and infrastructure. With these reforms, India aims to build a more transparent, inclusive, and technology-driven TV rating ecosystem." 

Only 0.025% of TV homes measured: MIB critiques flawed TRP metrics

TAM Media Research, the media data intelligence firm and joint venture between Nielsen (USA) and Kantar (UK), is gearing up for a fresh innings in India’s ratings ecosystem. The company is in talks of securing partnerships with Big tech firms and Distribution Platform Operators (DPOs) to launch a multi-screen Digital audience measurement service.

This renewed push comes as the Ministry of Information and Broadcasting (MIB) liberalizes key norms governing television and media ratings in India. TAM, which has operated in the Indian market for over two decades, had already applied for a license to function as an audience measurement body under the revised policy framework. The license if which is pending with MIB.

TAM CEO LV Krishnan told Storyboard18 that the government's move to encourage multiple rating agencies is a progressive step that will catalyze the evolution of multi-screen measurement — a shift that will better serve platforms and advertisers in the digital age.

“We are closely working with DPOs and Big Tech platforms to bring them onboard for measuring audiences across screens,” Krishnan said. He confirmed that TAM will continue to provide backend services to Broadcast Audience Research Council (BARC) India, especially through their joint venture Meterology Data Pvt Ltd (MDL), where BARC holds a 51% stake and TAM 49%.

While BARC India will remain focused on linear television, TAM is charting a new course with its emphasis on digital and cross-platform measurement. "Our primary focus is to enhance digital and multi-screen measurement. BARC mainly focuses on linear TV while we aim to expand beyond that,” Krishnan explained.

The move comes in the wake of the MIB’s draft policy amendments released on July 2, which have significantly relaxed ownership and governance restrictions. Clause 1.5, which prohibited board members of ratings agencies from having roles in broadcasting or advertising firms, has been scrapped. So has clause 1.7, which restricted cross-holdings between rating agencies and media or advertising companies, as well as among multiple ratings bodies.

Storyboard18 had first reported that the removal of key restrictions governing the television and digital audience measurement industry will now open the floodgates for new entrants such as OTT players, DPOs and Big Tech firms to launch their own ratings agencies. The move is set to intensify competition and disrupt the monopoly long held by the Broadcast Audience Research Council (BARC).

With these constraints now lifted, OTT platforms, DPOs, and large advertiser consortiums can now independently set up or invest in audience measurement agencies. The Ministry has invited public comments on the draft guidelines for a 30-day period from the date of issuance.

Industry experts warn that a proliferation of rating agencies, while promoting competition, may also create confusion and diminish credibility. “Many cooks spoil the soup,” one observer noted, cautioning that with so many stakeholders launching their own agencies, the industry could face fragmented data, inconsistent methodologies, and disputes over reliability.

Still, experts agree that credibility will become the single most important differentiator. “Trust will matter more than ever,” said a senior executive from a leading media buying agency. “Brands will only rely on ratings that are transparent, independent, and technically robust.”

TAM’s re-entry into the fray could reshape India’s media measurement landscape at a time when digital consumption is outpacing traditional television, and advertisers are seeking sharper insights into viewer behavior across devices.

<a href="https://www.storyboard18.com/television/mib-opens-trp-market-otts-dpos-and-big-tech-can-now-set-up-ratings-agency-72762.htm">Read More: MIB opens TRP market: OTTs, DPOs, and Big Tech can now set up ratings agency</a>

<a href="https://www.storyboard18.com/how-it-works/trai-chairman-pushes-for-multiple-audience-measurement-rating-agencies-64162.htm">Read More: TRAI Chairman pushes for multiple audience measurement rating agencies</a>

EXCLUSIVE: TAM to maintain BARC JV Role, sets sights on Big Tech and DPO alliances

The Ministry of Information and Broadcasting (MIB) released a draft amendment to the policy guidelines governing Television Rating Agencies in India. The removal of key restrictions governing the television and digital audience measurement industry will now open the floodgates for new entrants such as OTT players, DPOs and Big Tech firms to launch their own ratings agencies. The move is set to intensify competition and disrupt the monopoly long held by the Broadcast Audience Research Council (BARC).

TAM India's CEO LV Krishnan welcomed the decision made by Ministry of Information and Broadcasting and said, "The decision by MIB to allow multiple ratings agency is in the right direction. This will help the ecosystem evolve not only for linear TV but new forms of measuring screens." 

TRAI had earlier highlighted concerns regarding the current system's dependence on a single provider- the Broadcast Audience Research Council (BARC) in the past, it is to be noted that media research firm TAM, a joint venture between Nielsen (USA) and Kantar (UK) had applied for a license as a ratings and audience measurement body with the MIB. The license of which is pending with the government. 

A source close to the development said, "There are chances that multiple individual players may come together and form a subsidiary to start ratings measurement system. While Big tech firms might align with an existing ratings agency." 

<a href="https://www.storyboard18.com/television/breaking-mib-proposes-amendments-to-trp-guidelines-seeks-public-feedback-72734.htm">Read More: Breaking: MIB proposes amendments to TRP guidelines, seeks public feedback</a>

The government has removed clause 1.5, which earlier barred board members of television rating companies from being involved in broadcasting, advertising, or running an ad agency.

It has also deleted clause 1.7, which imposed strict cross-holding restrictions. These rules had prevented any single company or its related entities from holding major stakes in both rating agencies and broadcasters, advertisers, or ad agencies. It also restricted holding stakes in more than one rating agency and applied the same rules to individual promoters. Essentially, the deleted clause aimed to prevent any overlap between ownership of rating agencies and media or advertising businesses.

With constraints now been lifted, paving the way for Over-the-Top (OTT) platforms, Distribution Platform Operators (DPOs), and even large advertiser consortiums to float or invest in independent audience measurement bodies.

“This is a complete ‘U-turn’ by the MIB,” said a veteran media executive. “Earlier, BARC was established after recommendations by TRAI and the Amit Mitra committee, aiming for an industry-driven ratings system. The same TAM that was pushed out eventually became BARC’s service provider. Now, with this amendment, anyone—including DPOs and advertisers—can enter the broadcast ratings space by forming a separate entity.”

The executive said, “Now with this amendment anyone can come into broadcast audience measurement, which includes DPOs if they form a separate company. Earlier, MIB wanted BARC to be the only agency involved in audience measurement but this will change the narrative. So effectively any entity including OTT players, Big Tech companies can apply to run a ratings agency now. No restrictions from cross holdings perspectives.” 

Industry experts warn that a proliferation of rating agencies, while promoting competition, may also create confusion and diminish credibility. “Many cooks spoil the soup,” one observer noted, cautioning that with so many stakeholders launching their own agencies, the industry could face fragmented data, inconsistent methodologies, and disputes over reliability.

Still, experts agree that credibility will become the single most important differentiator. “Trust will matter more than ever,” said a senior executive from a leading media buying agency. “Brands will only rely on ratings that are transparent, independent, and technically robust.” 

The new entrants are expected to place a heavier emphasis on digital measurement, given the rapid shift in consumer habits. OTT platforms, in particular, are keen to create reliable viewership metrics that help quantify their growing influence, especially as ad dollars shift from traditional TV to digital.

“Digital will be the most watched segment—literally and figuratively,” said a data analyst. “New players will have to heavily invest in technology, data analytics, and panel systems to compete with legacy structures like BARC.”

Interestingly, the MIB's move will benefit advertisers. Crucial takeaways for advertisers include: 

Greater Trust in Ratings: With advisory/consulting roles banned for rating agencies, ratings data becomes more independent and reliable, which helps advertisers make better decisions.

Improved ROI Measurement: Trustworthy viewership data allows brands to allocate ad spend more effectively, especially as digital vs. TV budgeting tightens.

Strategic Reassessment: Some advertisers might recalibrate marketing plans based on more transparent TRP insights, possibly increasing spends on high-performing content platforms.

A top advertiser on condition of anonymity said, "These changes reflect the government’s intent to reinforce credibility in TV ratings, prompted possibly by past scandals (like the TRP scam involving news channels). They signal a more transparent, competitive, and accountable ecosystem for stakeholders across broadcasting, advertising, and media analytics." 

The Ministry has invited feedback on the draft amendments within 30 days from the date of publication of the notice.

<a href="https://www.storyboard18.com/how-it-works/trai-chairman-pushes-for-multiple-audience-measurement-rating-agencies-64162.htm">Read More: TRAI Chairman pushes for multiple audience measurement rating agencies</a>

<a href="https://www.storyboard18.com/special-coverage/ott-and-tv-audiences-one-measurement-system-one-currency-or-multiple-currencies-35352.htm">Read More: OTT and TV audiences: One measurement system, one currency or multiple currencies?</a>

MIB opens TRP market: OTTs, DPOs, and Big Tech can now set up ratings agency

The Ministry of Information and Broadcasting (MIB) has invited public and stakeholder comments on proposed amendments to the policy guidelines governing Television Rating Agencies in India.

Originally notified on January 16, 2014, the “Policy Guidelines for Television Rating Agencies in India” set the regulatory framework for entities measuring viewership ratings. The ministry is now moving to revise several clauses of the existing framework to ensure greater transparency and address emerging concerns, particularly those around potential conflicts of interest.

According to an official notification issued on July 2, the key proposed amendments include:

Company Registration Clause Revised: Clause 1.1 will be updated to mandate that only companies registered under the Companies Act, 2013, will be eligible to apply for registration as television rating agencies.

Conflict of Interest Prohibition: Clause 1.4 is to be modified to explicitly prevent rating agencies from engaging in consultancy or advisory services that may result in a conflict of interest with their primary role.

Deletion of Outdated Provisions: Clauses 1.5 and 1.7, along with a proviso related to Clause 1, are slated for removal, streamlining the policy and removing ambiguities.

These changes will be implemented with immediate effect and will also apply to companies already registered under the current policy framework.

The Ministry has invited feedback on the draft amendments within 30 days from the date of publication of the notice.

Breaking: MIB proposes amendments to TRP guidelines, seeks public feedback

India’s top proxy advisory firms are raising a red flag over Zee Entertainment's latest move to allot a hefty 16.9 crore warrants—worth ₹2,237 crore—to its promoters, warning shareholders that the proposal could severely dilute their stakes and tilt power further in CEO Punit Goenka’s favor.

The proposed issue, if approved, would shoot up the promoter group’s shareholding from a modest 3.99% to a commanding 18.39%. This increase in control comes at a time when Goenka isn’t even a board member, having lost a shareholder vote last year that would have reinstated him as managing director.

Governance experts say this move is not only unnecessary, given Zee’s strong cash position—₹2,240 crore in reserves as of March 31—but also risky, considering the company’s recent track record. The resolution will be up for shareholder voting from July 6 to July 9.

“This deal is all downside for minority shareholders,” warned proxy firm Ingovern in a June 23 report. “It involves excessive dilution and lacks strategic justification. We recommend voting AGAINST it.”

Institutional Investor Advisory Services (IIAS) echoed similar concerns. “Under Punit Goenka’s leadership, the company has faced a failed merger, regulatory probes, and substantial erosion in shareholder value,” IIAS stated. “Despite all this, the board continues to back him—even now, when he holds no board position.”

Both reports, reviewed by Moneycontrol, criticize the board’s decision to back the warrant issue, suggesting it paves the way for Goenka and the promoter group to consolidate control, regardless of prior regulatory scrutiny or market performance.

Zee’s woes have been mounting since 2023 when the Securities and Exchange Board of India (SEBI) issued an interim order against founder Subhash Chandra and Goenka over alleged fund diversion. While the Securities Appellate Tribunal has stayed the order, the investigation continues, and a final SEBI ruling is awaited.

The warrants, priced at ₹132 each, are being subscribed through offshore entities—Sunbright Mauritius Investments Ltd and Altilis Technologies Pvt Ltd. Promoters will initially pay 25% (₹574 crore) and the rest after 18 months when the warrants are converted into equity.

Zee claims the funds will be used in phases: the upfront amount to develop a short video app, kids’ educational content, and a live content platform; the later tranche, post conversion, will fund potential mergers and acquisitions.

But for now, the biggest battle is not for the market—but for control. And with shareholder trust shaken, the coming vote may well decide who really calls the shots at Zee.

Warrants worth ₹2,237 Cr: Why proxy advisors are saying ‘No’ to Zee’s promoter deal

India’s three leading proxy advisory firms have come together, urging Zee Entertainment shareholders to vote against the promoters’ attempt to significantly increase their stake in the company. 

At an Extraordinary General Meeting scheduled for July 10, the board has sought shareholder approval for a preferential issue of 16.95 crore fully convertible warrants worth ₹2,237 crore, which would raise promoter holding from 3.99% to 18.39%.

Read more: <a href="https://www.storyboard18.com/television/zeel-board-approves-%E2%82%B92237-cr-fund-infusion-via-preferential-allotment-to-promoters-70515.htm">ZEEL board approves ₹2,237 cr fund infusion via preferential allotment to promoters</a>

Stakeholders Empowerment Services (SES), InGovern, and Institutional Investor Advisory Services (IiAS) collectively contend that the proposal is unjustified and detrimental to minority shareholders. Despite Zee Entertainment holding ₹2,410 crore in cash and investments, the board “has failed to present any convincing rationale for further fundraising,” they noted. The dilution of nearly 15% for non-promoter investors looms large and has gone unexplained, with no detailed business plan, return-on-investment projections, or clarity on fund usage .

“Given the excessive dilution from the proposed warrants issue and the recent challenges faced by Zee Entertainment Enterprises Ltd, the above increase in promoter holding through issue of warrants may not be in the best interest of the minority shareholders. We recommend shareholders vote “Against” the resolution,” InGovern Research noted in its voting recommendation report.

The pricing mechanism also drew criticism. Priced at ₹132 each, just above SEBI’s mandated floor, the warrants, convertible within 18 months, could allow promoters to acquire shares at a steep discount if market rates rise.


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Proxy advisors have urged Zee to consider more equitable options, such as a rights issue or qualified institutional placement, suggesting these alternatives would have been more transparent and fair to existing shareholders.

In June, ZEE had approved the issuance of up to 16.95 crore fully convertible warrants to its promoter group on a preferential basis, priced at ₹132 per warrant, significantly above the SEBI-prescribed price of ₹128.58. The move was aimed at strengthening the company’s financial foundation and accelerating its strategic ambitions in the content and technology space.

The Board met twice on June 16 to deliberate on the company’s future growth roadmap. In the first meeting, investment bank J.P. Morgan India Pvt. Ltd., appointed as a strategic advisor, presented its evaluation of ZEE’s long-term growth initiatives and market positioning. J.P. Morgan’s review included suggestions to augment the company's balance sheet and position it for upcoming opportunities and market shifts.

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