Highly-placed sources in the poll panel said today that the body's social media unit met yesterday and decided to draft the 'code of conduct'.
The platforms which do not follow the proposed code will not get to partner with the poll panel.
The decision was taken in the aftermath of the Cambridge Analytica episode.
Observing that utilisation of social media cannot be stopped due to instances of "aberrations", Chief Election Commissioner OP Rawat had said yesterday that Facebook would remain the poll panel's social media partner during the Karnataka assembly elections.
He also said the social media cell of the Election Commission would go into the issue of App of politicians and political parties sharing user data without the users' consent.
Mr Rawat said that the social media is a reality and the election commission will take all precautions at its commend, to prevent episodes which adversely affect Indian elections.
The Facebook data scandal erupted after a whistleblower revealed that Cambridge Analytica, a data firm with ties to Donald Trump's 2016 campaign, accessed personal data from 50 million users of the website without their knowledge, and might have kept that data even after the social media giant told the company to delete it.
The poll panel uses Facebook to encourage young people to enrol as voters.