I&B Ministry
Music Broadcast plans IPO; to make buys
MUMBAI: Music Broadcast Private Limited, which operates one of the leading FM radio stations — Radio City — is planning to list. It is preparing to bring out a public offer of over Rs 500 crore comprising a fresh issue of Rs 400 crore and an offer for sale of 26.59 lakh equity shares by the promoters’ family.
The proceeds from the issue will be utilised to retire debt of around Rs 150 crore, and the remainder to create a “war chest” for future acquisitions.
Radio City 91.1 FM brand has been synonymous with the category since inception in 2001. Innovative programming and marketing initiatives have helped Radio City pioneer FM in India. In phase III auction, the network expanded its footprint by efficiently adding 11 new markets after carefully selecting towns with greater SEC AB population. With the addition of the new towns and addition of Radio Mantra towns, Radio City reaches to 39 most important towns of India dominating the most important advertiser markets. The first FM station will be launching internet radio streams in India with 30 stations and counting
Music Broadcast promoter Jagran Prakashan CFO R. K. Agarwal said that they already filed the DRHP and post-regulatory approvals, and intend to hit the capital market. Most of the funds would be used to strengthen the capital structure so that a war chest was created to acquire more radio stations as and when opportunity arose, he added.
Agrawal said it sees a lot of opportunities in radio as its business has been expanding at a CAGR of 15-16 per cent for several years, and has been operating at a margin of 33 per cent.
Music Broadcast director Apurva Purohit said that the radio sector was the youngest in M&E but was growing fast. Radio’s share in the media and entertainment industry pie was only four per cent of the total advertisement market size due to the tardy pace of regulation, which otherwise could have been as high as 12 per cent.
I&B Ministry
CBFC speeds up film certification; average approval time cut to 22 days
Over 71,900 films cleared in five years as digital system shortens approval timelines
MUMBAI: The Central Board of Film Certification (CBFC) has significantly reduced the time taken to certify films, with the average approval timeline now down to 22 working days for feature films and just three days for short films.
Operating under the Ministry of Information and Broadcasting, the statutory body certifies films for public exhibition in line with the Cinematograph Act, 1952 and the Cinematograph (Certification) Rules, 2024. The rules prescribe a maximum certification period of 48 working days, though the adoption of the Online Certification System has sharply accelerated the process.
Over the past five years, from 2020-21 to 2024-25, the board certified a total of 71,963 films across formats. Of these, the majority fell under the U category with 41,817 titles, followed by UA with 28,268 films and A with 1,878 films. No films were certified under the S category during the period.
Film approvals have also steadily risen in recent years. The CBFC cleared 8,299 films in 2020-21, a figure that peaked at 18,070 in 2022-23 before settling at 15,444 films in 2024-25. During the same period, 11,064 films were certified with cuts or modifications.
Despite the high volume of certifications, outright refusals remain rare. Only three films were denied certification over the last five years, with one refusal recorded in 2022-23 and two in 2024-25.
The board may recommend cuts or modifications if a film violates statutory parameters relating to the sovereignty and integrity of India, security of the state, friendly relations with foreign states, public order, decency or morality, defamation, contempt of court or incitement to an offence.
Filmmakers can challenge CBFC decisions in court. Data shows that such disputes remain limited but have seen some fluctuation. Between 2021 and 2025, a total of 21 certification decisions were challenged before High Courts, with the number rising to 10 cases in 2025.
Responding to a question in the Rajya Sabha, minister of state for information and broadcasting L. Murugan shared the data. The question was raised by Mallikarjun Kharge.
With faster timelines and a largely digital workflow, the certification process appears to be moving at a far brisker pace, signalling a shift towards quicker clearances for India’s growing film output.
