The colocation case has led to the arrests of former NSE MD and CEO Chitra Ramkrishna and former group operating officer of the exchange Anand Subramanian.
The agency is also probing unidentified officials of the Securities and Exchange Board of India, NSE, Mumbai and other unidentified people.
Passing a four-page order, after accepting an appeal filed by Ramkrishna, SAT said that various questions raised by her would be considered at the time of hearing of the appeal.
During the arguments for bail, the CBI counsel submitted that she has stopped cooperating and is giving evasive replies during the investigation.
If the figure is anywhere close to the numbers doing the rounds, this will perhaps be the biggest stock market scandal the country has ever seen.
The CBI opposed the bail stating that he is a “flight risk”, the judge remarked that he had not actually fled the country in the past four years.
The Special CBI Judge Sanjeev Aggarwal reportedly pulled up the central investigating agency for the slow pace of the investigation.