According to the Delimitation Commission of India and subject to Article 333 of the Constitution of India, the maximum number of members that a State Legislative Assembly may have is 500. The Delimitation Commission is responsible for the readjustment and delimitation of electoral constituencies in the country. Article 333 of the Constitution of India provides for the representation of the Anglo-Indian community in the State Legislative Assemblies.

It is important to note that the number of members in a State Legislative Assembly can vary from state to state and is determined by various factors such as population size, area, and other considerations. The delimitation process ensures that the representation is fair and adequate, taking into account these factors.

In this case, option 2, which states 500 as the maximum number of members, is the correct answer. It is always crucial to closely read and understand the question to arrive at the correct answer.