The Act changed the term of Directors from one year to four years, with a provision that one-fourth of the number would retire annually.

To check the chaotic management by minor shareholders, the Act raised the qualification for a vote in the Court of Proprietors from £500 to £1000.

The Supreme Court comprised one Chief Justice and three other judges (puisne judges), making a total strength of four judges.

Sir Elijah Impey was appointed as the first Chief Justice of the Supreme Court at Calcutta. He was assisted by three other judges.

The Act provided for the establishment of a Supreme Court of Judicature at Fort William, Calcutta. It was inaugurated in 1774.

The four original members were Lt. General John Clavering, George Monson, Richard Barwell, and Philip Francis. Lord Macaulay became a law member much later under the Charter Act of 1833.

The Regulating Act of 1773 constituted a council of four members to assist the Governor General. Decisions in the council were to be taken by a majority vote.

Warren Hastings was appointed as the first Governor General of the Presidency of Fort William (Bengal) on October 20, 1773, following the provisions of the Regulating Act.

The Act designated the Governor of Bengal as the 'Governor General of the Presidency of Fort William' (often referred to as Governor General of Bengal), and he was to serve as the Governor General of all British territories in India.

The Regulating Act of 1773 is regarded as the first landmark in the constitutional development of India because it marked the first time the British Parliament interfered in the affairs of the East India Company and laid the foundation for central administration.