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The correct answer is "Only one". Let`s break down each statement:
1. Nominated members to either House or Legislative Assemblies are not part of the Presidential election Electoral College. So, this statement is incorrect.
2. The value of votes for each MLA is indeed proportionate to the size of the Legislative Assembly - larger Assemblies lead to higher vote values. This statement is correct.
3. The value of each MLA`s vote in a state is determined by the state`s population, not by the state itself. Therefore, without clarity on current population figures, this statement cannot be accurately evaluated, but it`s not just based on being an MLA of Madhya Pradesh versus Kerala.
4. The value of each MLA`s vote is determined by the number of people the MLA represents, not by a ratio of total population to total seats. Therefore, this statement is incorrect.
So, looking at all the statements, only statement 2 is correct, hence "Only one" is the correct answer.