With reference to the guilds (Shreni) of ancient India that played a very important role in the country’s economy which of the following statement 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, standard and prices were fixed by the guild.

3. The guild had judicial powers over its members.

Select the correct answer using the code given below.

[IAS (Pre) 2012]