There are several models that can both preserve media independence as well as regulate it https://indianexpress.com/article/opinion/columns/drawing-a-red-line-s-y-quraishi-6609575/
The News Broadcasters Association (NBA), which was set up in 2008, in turn, set up the National Broadcasting Standards Authority (NBSA), with the legendary former Chief Justice of India, Justice J S Verma, as its chairman. In the first 10 years, the NBSA has considered and dealt with 2,669 complaints and issued 74 judgements/orders... I must admit we often felt exasperated that despite our best efforts, we could not discipline some of the channels spewing venom day in and day out.
The government has pointed out to the SC the disastrous role social media is playing in tearing the social fabric and the need to tackle it before television. This seems to be a red herring to divert the SC’s attention.
To both preserve the independence of the media, whose role in a democracy is indispensable, as well as to regulate it, there are several possible indigenous models. One model is empowering the NBSA with statutory backing, more stringent powers and extending its writ to all news channels. The other model could be an SC-appointed monitoring panel — like the one it set up in 1998 to monitor encroachments in Delhi which worked very effectively till the members became too old and the Court just forgot about them after appointing them. The Press Council model is an equal failure, spineless and toothless, despite a retired SC judge heading it. The fourth model is like the Election Commission — a constitutionally-appointed body which was empowered by the SC in 2002 as a regulator to enforce the model code of conduct evolved by the political parties voluntarily for self-discipline.