The President's Bodyguard (PBG), as is known today, was raised in 1773 at Benares by the then Governor, Warren Hastings. Since being first christened as 'The Guard of Moguls' in 1773, the Regiment has had various titles viz. 'The Governor General's Bodyguard (GGBG)' in 1784, 'The Viceroy's Bodyguard' in 1858, the '44th Divisional Reconnaissance Squadron GGBG' in 1944, before getting back it's old title "The Governor General's Bodyguard" in 1947. With India becoming a Republic on 26 January 1950, the Regiment came to be known as - "The President's Bodyguard".
Republic Day is the name of a holiday in several countries to commemorate the day when they became republics. In India, Republic Day honours the date on which the Constitution of India came into force--on 26 January 1950--replacing the Government of India Act (1935) as the governing document of India. It is one of three national holidays in India. The new constitution, as drafted and approved by the Constituent Assembly of India, was mandated to take effect on 26 January 1950--and India became a republic. While India's Independence Day celebrates its freedom from British Rule, Republic Day celebrates the coming into force of its constitution. The main Republic Day celebration is held in the national capital, New Delhi, at the Rajpath before the President of India. Celebrations are also held with varying degrees of formality in state capitals, where the governor of the state unfurls the National Flag of India.
India gained its independence on 15 August 1947, after which the process of preparing a constitution was started. The Constitution was passed on 26 November 1949 in the Constituent Assembly. It was adopted on 26 January 1950 with a democratic government system, when the country became a republic in true sense. 26 January was selected, because it was this day in 1930 when the Declaration of Indian Independence was passed.
Source: Wikipedia
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