Step 1: Understanding the IPC.
The IPC stands for the \textit{Indian Penal Code}, which is the primary legal framework for defining criminal offenses and their penalties in India.
Step 2: Confirmation.
This law was enacted in 1860, and it governs all criminal law in India.
Step 3: Conclusion.
Thus, the full form of IPC is \textit{Indian Penal Code}, so option (2) is correct.