The first definite step to provide parliamentary control over the East India Company was taken by the Regulating Act of 1773.

The Regulating Act of 1773 was an important legislation passed by the British Parliament to bring the affairs of the East India Company under greater control and regulation. This act marked a significant shift in the relationship between the British government and the Company, as it sought to establish parliamentary oversight and control over the Company's activities in India.

Here is a detailed explanation of the provisions and significance of the Regulating Act of 1773:

1. Establishment of the Board of Control: The act established a new body called the Board of Control, consisting of six members appointed by the British government. This board was given the power to supervise and direct the Company's affairs in India, ensuring that its actions were in line with British interests.

2. Appointment of the Governor-General of Bengal: The act created the position of Governor-General of Bengal, who would have significant powers and authority over the other presidencies of Madras and Bombay. Warren Hastings was appointed as the first Governor-General under this act.

3. Supreme Court of Judicature: The act also established a Supreme Court of Judicature in Calcutta, which had jurisdiction over civil and criminal cases in the presidency. This court aimed to provide a more efficient and impartial judicial system in India.

4. Control over territories and diplomacy: The act gave the British government the power to regulate the acquisition and control of territories by the Company in India. It also required the Company to seek approval from the British government for any treaties or alliances with Indian states.

5. Financial accountability: The act introduced measures to ensure greater financial accountability of the Company. It required the Company to submit detailed accounts of its revenues and expenses to the British government.

6. Annual reports: The act mandated the Company to submit annual reports to the British government, providing information on its activities and administration in India.

The Regulating Act of 1773 was a significant step towards establishing parliamentary control over the East India Company. It aimed to address the issues of mismanagement, corruption, and abuse of power that had plagued the Company's rule in India. However, it was just the first of several acts passed in the following years to further regulate and reform the Company's activities, including the Pitts India Act of 1784 and the subsequent Charter Acts.