The 'Regulating Act' was passed to regulate the activities of the

British East India Company

The correct answer is Option (2) → British East India Company

Governance Issues: The Act aimed to overhaul the existing system of governance in British India. It established a Governor-General of Bengal and empowered the Governor-General to superintend and control the other presidencies (Madras and Bombay).

Financial Oversight: The Act introduced measures for financial oversight, requiring the Company to submit detailed accounts of its revenues and expenses. This was intended to curb corruption and ensure transparency in financial matters.

Regulation of Company Officials: The Act sought to regulate the conduct of the Company's officials, both in India and in Britain. It imposed restrictions on accepting gifts and bribes, aiming to prevent abuses of power.

Establishment of Supreme Court: The Regulating Act established a Supreme Court in Calcutta to enhance the administration of justice.

So, the correct option is [2].