Option 1 and option 2 mention "any serving judge of the Supreme Court" and "any serving judge of the High Court" respectively. However, these options are incorrect as per the National Human Rights Commission Act, 1993. The act stipulates that the person must be a retired judge, not a serving one.

Option 4 suggests that the Chairman must be "only a retired Chief Justice of High Court". This is not precise as the act specifically denotes the retired Chief Justice of India, not the retired Chief Justice of High Court.

Option 3 states "Only a retired Chief Justice of India" which is the correct answer. According to section 3 (2) (a) of the National Human Rights Commission Act, 1993, the Chairperson of the NHRC is required to be a retired Chief Justice of India. This ensures that the NHRC is headed by a person with vast legal knowledge and understanding of the constitution and the judicial system.