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:

1. Statement 1 is incorrect. While guilds (Shreni) in ancient India were recognized by the State and sometimes interacted with the king (e.g., making donations, acting as banks), there is no conclusive evidence that every guild was mandatorily registered with a central authority or that the king acted as their chief administrative authority. Guilds generally enjoyed significant autonomy in their internal functioning. 2. Statement 2 is correct. Guilds played a crucial role in regulating economic activities related to their craft or trade. They often fixed the rules of work, maintained quality standards for products, determined wages for artisans, and regulated market prices to ensure fair trade and protect the interests of their members and consumers. 3. Statement 3 is correct. Guilds possessed considerable autonomy and had their own executive and judicial powers over their own members. They could enforce their rules and customs (known as Shreni-dharma), settle disputes among members, and impose penalties for violations, effectively acting as a local judicial body for matters concerning the guild.