Question

why charter act was needed.

Answer 1

charter Act 1833 was passed by the British Parliament to renew the character of East India company which was last renewed in 1813 via this act ,the charter was renewed for 20 years but the East India company was deprived of its commercial privileges which it enjoyed so far.

Answer 2

The Charter Act of 1813 passed by the British Parliament renewed the East India Company's charter for another 20 years. ... This act is important in that it defined for the first time the constitutional position of British Indian territories.