Explanation:

Basics of Registration of Political Parties in India

• Registration of political parties is governed by the provisions of section 29A of the Representation of the People Act, 1951.
• The 1950 law makes provisions for allocation of seats in Lok Sabha and Legislative Assemblies, Delimitation of Constituencies, Qualifications of voters, Manner of filling the seats of Rajya Sabha by Union Territory representatives etc. The 1951 Law makes provisions for conduct of elections to Parliament and state legislatures, Qualifications and disqualifications, various offences, various doubts and disputes etc.

Mechanism 

• A party seeking registration under the said section with the Commission has to submit an application to the Commission within a period of 30 days following the date of its formation as per guidelines prescribed by the Commission in exercise of the powers conferred by Article 324 of the Constitution of India and Section 29A of the Representation of the People Act, 1951.  As per existing guidelines, the applicant association is, inter-alia, asked to publish proposed Name of party in two national daily newspapers and two local daily newspapers, on two days for submitting objections, if any, with regard to the proposed registration of the party before the Commission within 30 days from such publication.  Notice so published is also displayed on the website of the Commission.
• However, Section 29A of the Act provides for procedure of registration of political parties, “it does not expressly confer any power on the Election Commission of India regarding de-registration of political parties”.

Hence only statement 2nd is correct.