Consider the following statements regarding regulating act, 1773: 1. It designated the Governor of Bengal as the Governor of India. 2. It permitted the servants of the Company from engaging in private trade. Which of the statements given above is/are correct? |ForumIAS

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: D

Notes:

Explanation: The features of Regulating Act, 1773 were as follows:

It designated the Governor of Bengal as the ‘Governor[1]General of Bengal’ and created an Executive Council of four members to assist him. The first such Governor General was Lord Warren Hastings.
It made the governors of Bombay and Madras presidencies subordinate to the governor-general of Bengal, unlike earlier, when the three presidencies were independent of one another.
It provided for the establishment of a Supreme Court at Calcutta (1774) comprising one chief justice and three other judges.
It prohibited the servants of the Company from engaging in any private trade or accepting presents or bribes from the ‘natives’.

Source: Laxmikanth Polity