Explanation:

- Statement a: The Forward Markets Commission (FMC) was established to regulate commodity futures markets, not just commodities markets in general. This Commission existed from 1953, but it wasn't specifically created for commodities market regulation in 1954. In fact, regulated markets began in India much earlier.

- Statement b: The Securities and Exchange Board of India (SEBI) was initially set up in 1988 as a non-statutory body. It only became a statutory body in 1992 with the passing of the SEBI Act.

- Option 1: Only statement a is correct. This is incorrect as a has inconsistencies.

- Option 2: Only statement b is correct. This is incorrect as b contains incorrect dates about SEBI's establishment as a statutory body.

- Option 3: Both statements are correct. This is incorrect as both statements contain flaws.

- Option 4: Neither a nor b is correct. This is the accurate choice.