Company Rule: Early Parliamentary Control (1773-1813)

The Regulating Act of 1773 laid the foundation of British parliamentary control over the East India Company. It redesignated the Governor of Bengal as the Governor-General of Bengal (Lord Warren Hastings), assisted by an Executive Council of 4 members. It established the Supreme Court at Calcutta in 1774 at Fort William, with Sir Elijah Impey as its first Chief Justice.

Pitt's India Act of 1784 established a system of Double Government: the Court of Directors managed commercial affairs, while a newly created 6-member Board of Control supervised civil, military, and revenue affairs. For the first time in official statute, Company territories in India were termed "British possessions in India".

The Charter Act of 1813 ended the commercial trade monopoly of the East India Company in India, throwing open commerce to all private British merchants. However, the Act strictly retained the Company's monopoly in Tea trade and Trade with China. It mandated an annual allocation of Rs 1,00,000 (One Lakh) for promoting literature and modern science among Indians, and permitted Christian missionaries to enter under license.2022