The guidelines are being framed in view of the recent apex court order which says there is no enactment that directly governs the contents of the election manifesto.
The EC has sought the opinion of various political parties on the matter before making rules on allurements in election manifestos.
The poll body wishes to formulate a clear policy on defining freebies announced by parties ahead of elections and has invited suggestions from them.
Political parties have been arguing that the benefits announced were meant for the welfare of the poor and were required.
The Supreme Court while disposing of a special leave petition on July 5, challenging the freebies announced by the Tamil Nadu government, had asked the Commission to frame guidelines about such promises announced by political parties in their manifestos.
The court has said, "Although, the law is obvious that the promises in the election manifesto cannot be construed as 'corrupt practice' under Section 123 of Representation of People (RP) Act, the reality cannot be ruled out that distribution of freebies of any kind, undoubtedly, influences all people. It shakes the root of free and fair elections to a large degree.