Explanation:

Election Commission of India superintendents, direct and control the entire process of conducting elections to Parliament and Legislature of every State and to the offices of President and Vice-President of India.

• The most important function of the commission is to decide the election schedules for the conduct of periodic and timely elections, whether general or bye-elections.
• It prepares electoral rolls, issues an Electronic Photo Identity Card (EPIC).
• It decides on the location of polling stations, assignment of voters to the polling stations, location of counting centres, arrangements to be made in and around polling stations and counting centres and all allied matters.
• It grants recognition to political parties & allot election symbols to them along with settling disputes related to it. 
• The Commission also has advisory jurisdiction in the matter of post election disqualification of sitting members of Parliament and State Legislatures.
• It issues the Model Code of Conduct in elections for political parties and candidates so that no one indulges in unfair practice or there is no arbitrary abuse of powers by those in power.
• It sets limits of campaign expenditure per candidate to all the political parties, and also monitors the same.

Hence both statements are correct.