An independent court may soon be set up to exclusively hear cases related to crisis-ridden National Spot Exchange Limited (NSEL), the Finance Ministry said on Sunday.

Outlining the key decisions taken at a review meeting (to monitor action taken by various investigation agencies) chaired by Economic Affairs Secretary Shaktikanta Das on July 19, the Finance Ministry said that "efforts are being made" to set up an independent court to hear the NSEL cases.

Already, a designated judge of the City Civil Court and Additional Sessions Judge, Greater Bombay have been nominated to try various cases arising out of NSEL payment crisis, in addition to the other assigned matters, by giving priority to NSEL related cases.

Till date, as many as 12 review meetings have been under the Chairmanship of Economic Affairs Secretary to monitor the action taken by various investigating and law enforcement agencies. The previous review meeting was held on June 6 this year.

The Finance Ministry statement detailed the measures being pursued by the Maharashtra Government, Enforcement Directorate, Financial Intelligence Unit, Corporate Affairs Ministry and SEBI to expedite the realisation of value of attached assets and quickly refund money to investors who lost on account of the NSEL payment crisis.

The Maharashtra Government has already initiated action to auction the assets attached by Economic Offences Wing, Mumbai Police.

So far, 831 properties worth Rs 7063 crore have been attached by EOW, Mumbai Police under MPID Act, out of which attachment of 711 properties worth Rs 6115 crore has been notified in the Gazette of the Government of Maharashtra.

EOW, Mumbai Police has been requested to consider appropriate action in respect of Rs 18 crore of attached assets, lying in the accounts of Competent Authority and the Designated Court under the MPID Act, so that it could be refunded to NSEL investors quickly.

Enforcement Directorate had filed prosecution complaint before the City Civil Court and Additional Sessions Judge, Greater Bombay against NSEL and 67 other accused persons under the Prevention of Money Laundering Act, 2002.

The prosecution complaint details money trail amounting to Rs 3721.22 crore.

It was advised that the ED would expedite action for completing all the procedural formalities necessary for recovery of investment and conviction of offenders concerned.