What is the role of the Genetic Engineering Approval Committee (GEAC) in India?

To regulate research, testing, and commercial release of GM organisms

The correct answer is Option (2)- To regulate research, testing, and commercial release of GM organisms

Ethics include rules of conduct by which a community regulates its behaviour and decides whether an activity is lawful or not. The genetic modification of organisms can have unpredictable results when such organisms are introduced into the ecosystem.
The usage of such modified living organisms for public services has also created problems with patents granted for the same.
In order to control these issues, the Indian government has setup organisations such as GEAC (Genetic Engineering Approval Committee) to regulate research, testing and commercial release of GM crops, foods and organisms.