Further, to curb monopolies and foster healthy competition among rating agencies, Trai has also inserted a clause among its recommendations that no single company/legal person, either directly, or through its associates, shall have substantial equity (more than 10%) holding in more than one rating agency. This

is in tandem with the regulatory framework in the telecom space, where a service provider is not allowed to hold over 10 per cent stake in a competing company within a circle.

The present ownership structure of TAM Media Research Ltd comprises a 50-50 joint venture between AC Nielsen and IMRB International. If the first recommendation gets the approval without any modification by the ministry of information and broadcasting (I&B), TAM Media Research would have to recast its equity structure as IMRB International is a market research wing of J Walter Thompson (JWT)—a leading advertising agency in the country, one of the stakeholders and a client of rating agencies. JWT belongs to the Kantar Group, a part of WPP Group (the largest advertising group in the world). The other partner, AC Nielsen group, provides television audience measurement services in 42 countries worldwide and other related services, including consumer-related and business media-related services.