They also felt that there is a tendency among parts of the media not to subject themselves to even self-regulation.
They were participating at a discussion organised by Observer Research Foundation and anchored by veteran journalist Rajdeep Sardesai.
The chairman of the Broadcasting Content Complaints Council (BCCC) Justice A P Shah, I&B Minister Manish Tewari, Press Council of India chief Justice (retd) Markandey Katju and NBSA chairperson former justice R V Raveendran were present at the discussion.
"I would suggest statutory creation of a self-regulatory body by a statute, in which all the appointments should be through a very independent mechanism, including the chairperson of such a self-regulatory body. The self- regulatory body should frame the norms," Justice Shah said.
He, however, stressed that under no circumstances there should be control by government or legislature.
Justice Katju sought a "statutory peer review with a power to punish."
He said he always stood for freedom of the press and his views are often misunderstood. He said he had suggested a Media Council of which 80 to 90 percent members would be from the media.
"When I came to this job, my Prime Minister told me one thing very clearly. The philosophy of UPA is that our relationship with the media must be an essay in persuasion and never ever be an essay in regulation," Tewari said.
