The responsibility of preparing the electoral roll in India lies with the Election Commission. The electoral roll is a list of all eligible voters in a particular constituency and is essential for conducting free and fair elections.

Option 1: Parliament does not have the responsibility of preparing the electoral roll.

Option 2: Local administration does not have the authority to prepare the electoral roll.

Option 3: The Election Commission is constitutionally responsible for preparing and maintaining the electoral roll in India.

Option 4: The returning officer is responsible for conducting the elections in a constituency and overseeing the voting process, but not for the preparation of the electoral roll.

In conclusion, the correct answer is option 3 - Election Commission.