Regulating Act of 1773

The Regulating Act of 1773 was an act of Great Britain 's parliament intended to overhaul the rule of the East India Company in India.1773 The East India Company finds itself in dire financial straits.Through the Regulating Act, Lord North agreed to reform India Company administration.It was the first step towards eventual power of the Indian government. The Act established a system by which it oversaw East India Company's work.

Previews of Regulating Act of 1773

• The British Government took the first step to oversee and control the affairs of the company in India.
• The Act limited the company's dividends to 6 percent before a £1.5 m loan was repaid and the Court of Directors restricted it to four years.
• The  Bengal Governor Warren Hastings to Governor-General of Bengal and subsumed the Madras and Bombay presidencies under the control of Bengal. It laid the groundwork for centralized government in India.
• Governor of Bengal became Governor General of Bengal with a four-man executive council to help him. Decisions would be taken by majority vote, and the Governor General could vote only in the event of tie.
• A supreme court was set up in Calcutta, at Fort William. British magistrates were to be sent to India to administer the British legal system used there.