The British Regulating Act was passed in the British House of Commons in 1773 in response to severe financial crisis within and public scandal surrounding the East India Company. The British Regulating Act generally can be considered as the first foray of the British government into the control of the Indian Subcontinent. While later measures would more clearly define the British imperial project in India, the Regulating Act established overt parliamentary oversight over activities in the region for the first time. Parliament’s investigation into the actions of individual East India Company members and the company in general concluded that the company had become so corrupt and was so badly mismanaged that it could no longer operate as an independent company and had to be put under the oversight of Parliament.