The government has set up a monitoring committee to pursue cases against fly-by-night companies and has involved the Reserve Bank of India and the Securities and Exchange Board of India in the process.

The committee will be co-chaired by company affairs ministry secretary and market regulator SEBI's chairman, an official release said in New Delhi on Monday.

The Centre had instituted a similar committee in August this year for the purpose.

The chief secretaries of West Bengal, Maharashtra, Tamil Nadu, Andhra Pradesh, Gujarat and the Police Commissioner of Delhi are also on the newly-formed committee, it said.