To regulate the functions of the East India Company the British Parliament passed the regulating act of 1773. The salient features of the act are following:
This act designated Governor of Bengal as Governor-General of Bengal and created an Executive Council of four members to assist and help him. Thus the first governor general was Lord Warren Hastings.
This act laid the foundation of Central administration in India and also recognised the administrative and political functions of East India Company.
As you know there were three presidencies in 1773 - Presidency of Bombay, Presidency of Madras and Presidency of Bengal.This act made the governor of Bombay and governor of Madras subordinate to governor general of Bengal.
A Supreme Court was established under this act in 1774 in Calcutta. It had one chief justice and three other judges.
Due to large scale corruption in East India Company this act also provided that servants of East India Company cannot take bribes or presents from the natives and cannot carry on private trade.
It required the court of directors to report on the revenue of company to the British government.