The Bombay High Court in Mumbai has directed the Maharashtra state government to appoint a new competent authority under the Maharashtra Protection of Interests of Depositors (MPID) Act, 1999, following findings of fraud involving the disposal of properties related to the National Spot Exchange Limited (NSEL) case. The court criticized the current authority for selling a prime property in Karnal, Haryana, for only ₹10 crore despite a previous valuation of ₹60 crore. The court noted that the property was misrepresented as agricultural land, which contributed to its undervaluation. The court expressed concerns about the integrity of the bidding process, highlighting connections between bidders that suggested collusion. As a result, the court has ordered an investigation into the actions of the competent authority and Quiker Realty, the property valuer involved, and has disqualified Quiker Realty from conducting future valuations or auctions for a period of five years. This ruling aims to protect the interests of the 13,000 investors affected by the NSEL fraud.