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The order by the bench comprising judges M R Sha and M M Sundares comes on a petition filed by the fishermen.
The apex court has also directed the transfer of the amount of Rs10 crores - deposited with the Supreme Court Registry by the Italy government- to the High Court of Kerala.
A vacation bench of justices Indira Banerjee and M R Shah said that it may ask the Kerala High Court to ensure proper disbursal of compensation to the heirs of the victims.
In February 2012, India had accused two Italian marines onboard the Italian tanker MV Enrica Lexie of killing two Indian fishermen who were on a fishing vessel in India's Exclusive Economic Zone.
The agreement was reached after Italy decided to pay a compensation of Rs 4 crore each to the families of the two deceased fisherman Derek William Valentine alias Justin, 50, and Ajesh Binki, 21. The owner of the boat could be given Rs 2 crore.
Italy has assured the Indian government that it would prosecute the Marines.
The Hague-headquartered Permanent Court of Arbitration Tribunal had on Thursday upheld the conduct of the Indian authorities in the Enrica Lexie case in which the marines were accused of killing two Indian fishermen.
On February 15, 2012, two Indian fishermen on a vessel St. Antony were killed by Italian marines on board the private oil tanker Enrica Lexie after mistaking them for pirates.
The Tribunal observed that India and Italy had concurrent jurisdiction over the incident and a valid legal basis to institute criminal proceedings against the marines.
Italy took the issue to the Permanent Court of Arbitration in The Hague in 2015, saying the case should be tried under maritime law as the incident happened in international waters.