Sessions judge D P Surana heard the bail pleas of Shah and the former chief executive of MCX Shreekant Javalgekar last week.
Shah has maintained that he was the non-executive director of National Stock Exchange Ltd (NSEL) and was not involved in the day-to-day operations. But the prosecution and the lawyer of one of the NSEL investors (who has been allowed to intervene by the court) contend that Shah was aware of the goings-on and he is equally responsible for the scam.
Shah and Javalgekar were arrested on May 7.
Shah came under the scanner of Economic Offences Wing of Mumbai police and other agencies last year when NSEL (a part of the Financial Technologies Group founded by Shah) faced a payment crisis and nearly 18,000 of its investors allegedly lost millions of rupees.