Both statements are correct. 

The Bar Council of India is a statutory body created by Parliament under the Advocates Act, 1961 to regulate and represent the Indian bar. It performs the regulatory function by prescribing standards of professional conduct and etiquette and by exercising disciplinary jurisdiction over the bar. 

Functions: It sets standards for legal education and grants recognition to Universities whose degree in law will serve as qualification for enrollment as an advocate. 

Source: Article