NSEL's former Assistant Vice Presidents Amit Mukharji and Jai Bhaukhandi too got bail.
While granting them bail in the sum of Rs 5 lakh each, Justice A R Joshi directed them to attend the office of Mumbai police's Economic Offences Wing every Sunday.
They are not to leave the country without the court's permission.
All the three had been arrested last year.
The EOW had on Wednesday arrested Financial Technologies and Multi Commodities Exchange (MCX) promoter Jignesh Shah and former managing director and chief executive of the exchange Shreekant Javalgekar.
NSEL, an FTIL group company, faced a Rs 5,600-crore payment crisis last year, in which nearly 18,000 of its investors lost their money.