Should media be regulated by govt . ?

There has been a lot of talk recently regarding the role and responsibilities of media in criminal cases(eg. Aarushi murder case) as well as at the time of crisis(26/11 mumbai terror attack).Supreme court of India and the media are cross swords as the supreme court has issued a notice to the govt. of India to lay down guidelines for the regulation of fourth estate coupled with the new media such as TV and Internet.Fourth estate remains is an independent pillar of our democracy along with the other three namely judiciary,executive and legislative. The roles and responsibilities of each is very well defined and the constitution refrains a body from interfering into the working or decision making of others. Therefore the question arises that is the judiciary right in limiting the rights of the fourth estate through legislative? Is fourth estate not able to control itself ?Do we need laws to curb the freedom of the media ?The biggest asset for the citizens of India is the free media.Even the most developed countries like USA and UK doesn't enjoy this privilege. Media is a very powerful tool as it educates people about their rights, inform people about their duties, bringing justice to many people, upbringing many cases to the light of the people, ensuring human rights, becomes a mean of knowledge & communication, bringing awareness on social and political causes, and what not.Then what happens that suddenly this powerful tool becomes a headache for the people as well as the govt. machinery? If this is such a useful tool then why do we need to regulate it? I believe that the made race for TRP and the day by day increasing no of 24 X 7 news channels have made us felt the need for judiciary intervention. No doubt that media defamed the sacred father - daughter relationship and the way it covered the whole case was no less than a circus. Supreme court rightly says that such coverage by media influences the impartial trial of the case and creates bias and affects the fundamental right to free and fair trial guaranteed by the constitution of India.Also a strong need for regulation on media was also felt when they almost support terrorist to prolong the hostage drama and fight against our commandos and all this just for an exclusive report.Media also infringes the people's right to privacy when it makes public the private life of celebrities.But is it only media which is to be blamed? No. Media gets this opportunity to interfere in other pillars of democracy because they allows it to do so. Because they doesnt do their job properly so media has to step in whatever its motive may be. Its the loopholes in the working of the judiciary, executive and legislative which allows media to be a judge or make mockery of the situation. Then what needs to be done in order to ensure the smooth and proper functioning of the media without interfering and without being interfered by the judiciary or legislative. There should be no doubt that we can't afford to lose its freedom to government because if it happens, it will lose the transparency and the very purpose of the free and independent media will be lost. For print media, there is already a committee called, Press Council of India, in effect since 1966. As far as digital media is concerned there need to be a committee comprising of the eminent media personality nominated by the media itself, retired or active supreme court judges and one or two members from the information and broadcast ministry of the govt. of India. This committee must lay down guidelines for the conduct of the media.Also this committee must ensure a proper action on faulty news agency or news channel in case any infringement of personal or social rights is done. it must also ensure that proper heed is paid to the complaints from general public, recommendations from court is being taken into consideration and to ensure the quality of news served. I believe these steps along with some matureness in the thinking of the media people will make India a true democracy with all the four pillars strong and intact.