Talking to reporters here, he said media was not above the law and those in the media should realise that no rights can be absolute.
"There should be reasonable amount of restriction on media freedom. There is a need for regulation of media," he opined.
Katju warned that any media or mediapersons involved in extortion and blackmail should face action.
"Media cannot serve the society if it goes after money and increasing TRP rating. There is a need of regulation. If there can be medical council for doctors and bar council for lawyers, why not for journalists?" he suggested.