The court had granted interim anticipatory bail to Pandey until today. The relief was extended today by a further period of two weeks by Justice Sadhana Jadhav.
The court said that the investigating agency should nail the big fish involved in the scam and find out where the money lost in the scam had gone.
Police should try to recover the amount which runs into crores of rupees, the judge remarked.
Investors' Grievances Forum (IGF) has lodged a police complaint against NSEL for defrauding people. Fearing arrest, Pandey applied for anticipatory bail.
The EOW had registered a case against Financial Technologies India Limited (FTIL), board of directors of NSEL including Jignesh Shah and 25 borrowing companies on charges of criminal breach of trust, forgery and conspiracy.
Raja Thakare, Pandey's counsel, argued he (Pandey) was based in Haryana and his job was to get members. Pandey only recommended prospective members to the head office where a scrutinising committee conducted a background check and then decided whether to induct them as members.
Pandey had recommended 47 persons of whom only seven were inducted as members. He had no discretion in inducting members. Besides, Pandey had nothing to do with the trading, the counsel said.
The EOW has already frozen 80 accounts related to the accused in the case.
So far, EOW has arrested five persons for their alleged role in the scam. They include former MD and CEO of NSEL Anjani Sinha, Vice President of business development Amit Mukherjee and former Assistant Vice President Jai Bahukhandi.
The other two persons arrested are borrowers -- Chairman and Director of N K Proteins Nilesh Patel and Chairman of Lotus Refineries and a film financier.