With reference to the guilds (Shreni) of ancient India that played a very important role in the country's economy, which of the following statements is/are correct? 1. Every guild was registered with the central authority of the State and the king was the chief administrative authority on them. 2. The wages, rules of work, standards and prices were fixed by the guild. 3. The guild had judicial powers over its own members. Select the correct answer using the codes given below:

The correct answer is C because of the following reasons:

Statement 1 is incorrect because while guilds were registered with the state, the king was not their chief administrative authority. Guilds were largely autonomous bodies that functioned independently. The king generally respected their internal laws and only intervened in cases of extreme disputes or violation of state laws.

Statement 2 is correct because the primary function of a Shreni was to regulate the trade or craft. They had the power to fix wages, set the rules of work, ensure the quality of standards, and determine the prices of goods to prevent unhealthy competition.

Statement 3 is correct because guilds possessed judicial powers over their own members. They could settle internal disputes regarding professional conduct or personal behavior according to their own established customs and norms, which were legally recognized by the state.