What change did the Charter Act of 1813 bring to the East India Company?

• The Charter Act of 1813 ended the commercial monopoly of the East India Company in India; however, the Company's monopoly in trade with China and trade in tea was kept intact. • It allowed all British merchants to trade with India, reflecting the growing influence of 'laissez-faire' and the demands of British industrialists during the Industrial Revolution. • The Act also asserted the sovereignty of the British Crown over the Indian territories held by the Company.