Explanation:

Ministry of Information and Broadcasting has recently constituted a committee to review “Guidelines on Television Rating Agencies in India” notified by the Ministry in 2014.

• The present guidelines issued by the Ministry of Information and Broadcasting (MIB) on Television Rating Agencies in India were notified after detailed deliberations by the Parliamentary Committee, Committee on Television Rating Points (TRP) constituted by the MIB and recommendations of Telecom Regulatory Authority etc.
• It has been found that there is a need to have a fresh look on the guidelines particularly keeping in view the recent recommendations of Telecom Regulatory Authority of India (TRAI), technological advancements / interventions to address the system and further strengthening of the procedures for a credible and transparent rating system.
• A committee has been hereby constituted to study different aspects of the television rating system in India as they have evolved over a period of time.
• The Committee shall carry out an appraisal of the existing system; examine TRAI recommendations notified from time to time, overall industry scenario and addressing the needs of the stakeholders and make recommendations for robust, transparent and accountable rating system through changes, if any, in the existing guidelines.
• The Committee will be chaired by Shri Shashi S. Vempati, CEO, Prasar Bharti.

Hence option 2nd is correct.