When did East India Company lose its monopoly completely over Indian trade :

Question

Accepted Answer

The correct option is 1:

The East India Company (EIC) initially enjoyed an absolute monopoly over trade in the East. This commercial privilege was progressively eroded by the British Parliament through a series of Charter Acts. While the Charter Act of 1813 stripped the EIC of its monopoly over Indian trade, it retained the crucial monopoly over the trade of tea and the trade with China. The complete and final termination of the Company’s trading functions, including its monopoly over the tea trade and China trade, was formalized by the **Charter Act of 1833**. This act essentially converted the EIC from a commercial trading body into a purely administrative and political entity responsible solely for governing India under the Crown's supervision. Therefore, 1833 A.D. marks the year the EIC completely lost its monopoly over Indian trade.

The incorrect option is 2:
The Charter Act of 1853 was the last of the Charter Acts passed by the British Parliament and did not deal with the end of the EIC's trading monopoly, as that was already concluded in 1833. Instead, the 1853 Act was a legislative measure that further separated the EIC's executive and legislative functions and introduced an open competition system for the recruitment of civil servants.

The incorrect option is 3:
1857 A.D. is the year of the Great Revolt (or Sepoy Mutiny). This event did not mark the end of the EIC's commercial monopoly, but rather the end of its political rule. The British Crown directly assumed the governance of India in 1858 via the Government of India Act, completely dissolving the EIC as a ruling power.

The incorrect option is 4:
The Charter Act of 1793 merely extended the EIC’s trading privileges for another twenty years. Far from losing its monopoly, the EIC’s dominance over trade was secured by this Act, though it required the Company to pay the British government an annual sum.