The correct option is 2 only because Bar Councils in India, particularly the Bar Council of India (BCI), are indeed empowered to regulate legal education and accreditation of law colleges as per the Advocates Act of 1961. This includes setting standards for legal education, which ensures that law graduates meet the necessary criteria for practicing law in India. In contrast, the first statement is incorrect, as corporate lawyers and patent attorneys can also be recognized as advocates if they fulfill the requirements set by the Bar Council, thus broadening the scope of who can practice law in India.