The East India Company was deprived of its political functions by

Option 1: The Regulating Act of 1773 was an act of the Parliament of Great Britain intended to overhaul the management of the East India Company's rule in India. The act did not prove to be a long-term solution to concerns over the Company's affairs; Pitt's India Act was therefore subsequently enacted in 1784 as a more radical reform. Option 2: Pitt's India Act of 1784, was an act of the Parliament of Great Britain intended to address the shortcomings of the Regulating Act of 1773 by bringing the East India Company's rule in India under the control of the British Government. Pitt's India Act provided for the appointment of a Board of Control, and provided for a joint government of British India by both the Company and the Crown. Option 3: The Charter Act of 1793, was an act of the Parliament of Great Britain which renewed the charter issued to the British East India Company and continued the Company's rule in India. Option 4: In the Charter Act of 1813, the British parliament renewed the Company's charter but terminated its monopoly except with regard to tea and trade with China, opening India both to private investment and missionaries.

Hence, the correct option is 2.