The correct option is 1 and 3 only.
Explanation
The 73rd and 74th Constitutional Amendment Acts of 1992 granted constitutional status and protection to local self-government institutions (Panchayati Raj Institutions and Municipalities), ensuring their continuity and democratic functioning.
Statement 1 is Correct: The amendments made it constitutionally mandatory to hold regular elections to local government bodies. The tenure of these bodies is fixed at five years. In the event of dissolution, fresh elections must be conducted within six months to constitute the new body.
Statement 2 is Incorrect: The 1992 amendments mandated the reservation of not less than one-third (1/3rd) of the total number of seats for women. While several states have subsequently increased this quota to 50% through their respective state legislations, the constitutional mandate established by the 73rd and 74th Amendments specifies a minimum of one-third.
Statement 3 is Correct: The amendments provided for the establishment of a State Election Commission (Article 243K for Panchayats and Article 243ZA for Municipalities). This independent constitutional body is vested with the power of superintendence, direction, and control of the preparation of electoral rolls and the conduct of all elections to Panchayats and Municipalities.
Key Takeaway: The 73rd and 74th Amendments mandate a minimum of one-third reservation for women and established the State Election Commission to conduct local body elections, separating this function from the Election Commission of India.