Explanation:

About Biological Diversity Act, 2002:

Statement 2 is correct: The Biological Diversity Act, 2002 is an Act of the Parliament of India for preservation of biological diversity in India, and provides mechanism for equitablesharing of benefits arising out of the use of traditional biological resources and knowledge. The Act was enacted to meet the obligations under Convention on Biological Diversity (CBD), to which India is a party. ! The National Biodiversity Authority (NBA) is a statutory autonomous body, headquartered in Chennai, under the Ministry of Environment and Forests, Government of India established in 2003 to implement the provisions under the Act. State Biodiversity Boards (SBB) has been created in 28 States along with 31,574 Biological management committees (for each local body) across India.

Functions include:

 Regulation of acts prohibited under the Act  Advise the Government on conservation of biodiversity  Advise the Government on selection of biological heritage sites  Take appropriate steps to oppose grant of intellectual property rights in foreign countries, arising from the use of biological resources or associated  traditional knowledge

Objectives are:

 Fair and equitable sharing of benefits arising out of the utilization of genetic resources.   Biological diversity  conservation.  Sustainable use of its components.

Statement 1 is incorrect: Biological Diversity Act, 2002 was brought to realize the objective of Convention on  Biological Diversity.

! Statement 3 is incorrect: The act establishes three tier structures at national, state and local level.