In 1773 through the Regulating Act, the British Parliament tried to control and see the operations of the British East India Company.

It established the framework for British control over India and introduced several important reforms:

• Governor-General and Council: It created the office of Governor-General of Bengal and introduced a system of governance through the Governor-General in Council, centralizing authority over British territories in India.
• Control over Foreign Policy: It brought the Presidencies of Madras and Bombay under the control of Bengal in matters of foreign policy, aiming to coordinate and regulate British actions across India.
• Judicial Reforms: The establishment of the Supreme Court at Calcutta introduced British legal principles and oversight over British subjects.
• Corporate Governance Reforms: It imposed regulations on the East India Company’s operations. It introduced transparency in financial matters and limitations on the tenure and reelection of company directors.
• First Step towards Parliamentary Oversight: Despite its limitations, the Act laid the foundation for subsequent Acts that increasingly asserted parliamentary control over the East India Company and ultimately led to direct Crown rule over India in the 19th century.

The Regulating Act of 1773 represented a pivotal moment in British colonial history. It was initiating parliamentary oversight of the East India Company’s affairs in India.