First step to Regulate Affairs of East India Company- Regulating Act of 1773

Regulating Act of 1773 is known to be the first step of the British government to regulate the affairs of the East India Company.

• This act designated the Governor of Bengal as the Governor General of Bengal who also was to serve as Governor General of all British Territories in India.
  
• An executive council with 4 members was created to assist the Governor General.
  
• The Office of the Governor-General of the Presidency of Fort William was created in 1773, and on 20 October 1773, Warren Hastings became the first Governor General.
  
• Warren Hastings was made the First Governor General of Bengal and the members of the council were as follows:
  

1. Lt. General John Clavering
   
2. George Monson
   
3. Richard Barwell
   
4. Philip Francis.
   

• The regulating act of 1773 was the almost first indication of the involvement of the British Government in the Indian affairs, which eventually led to complete control in 1858.
  
• The act unequivocally established the supremacy of the Presidency of Bengal over the others.
  
• In matters of foreign policy, the Regulating Act of 1773 made the presidencies of Bombay and Madras, subordinate to the Governor General and his council. Now, no other presidency could give orders for commencing hostilities with the Indian Princes, declare a war or negotiate a treaty.
  
• To curb the corruption, the act forbade the servants of the company to accept presents and bribes.