The correct option—1 and 2 only—is justified because the Charter Act of 1813 indeed ended the East India Company's exclusive trade monopoly in India, allowing free trade for British merchants, yet retained its privileges in tea and trade with China. Furthermore, the Act is significant as it firmly established the sovereignty of the British Crown over the territories held by the Company, marking a crucial shift in governance control in India. However, the third statement is incorrect; while the British Parliament gained more oversight, the revenues of India were not fully controlled by it until later reforms, such as the Government of India Act 1858. This context is vital for understanding the evolving relationship between the British government and colonial India, a key topic in UPSC Prelims.