Special Judge Sunena Sharma said the material available prima face showed Pandey was actively involved in the execution of recording and monitoring of calls at the NSE,
At NSE, Chauhan faces an uphill task of guiding the bourse bogged down by governance lapses, a co-location scam, technical glitches and a phone-tapping probe.
The NSE's public issue had got derailed after the bourse got embroiled in the co-location controversy, where certain brokers were allegedly given unfair access to the exchange data feeds.
NSE phone tapping case: Hours after meeting Maharashtra CM, former Mumbai top cop gets arrested by ED
Pandey was earlier questioned by ED twice in Delhi. Pandey had retired on June 30.
While the number of investors surged dramatically to three times the level three years ago, the sharp fall in share prices has braked the euphoria.
Sanjay Pandey is understood to have been summoned by the ED to appear before the agency on Friday in Delhi for questioning in the phone tapping case, the officials said.
The CBI action comes following a complaint from the Union Home Ministry, officials said.
The case relates to the alleged differential access given to certain broking firms in the form of 'dark fibre' at NSE, to connect across the colocation facilities before other members.
The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stockbrokers.
From the Sensex pack, Reliance Industries, Bajaj Finserv, Sun Pharma, HCL Technologies, TCS, Asian Paints, Infosys and IndusInd Bank were among the major gainers.
The order came after Sebi received multiple complaints pertaining to allegations of malpractices with respect to the co-location facility provided by NSE (National Stock Exchange).
ED asked about the alleged manipulation of the NSE when Ramkrishna was at the helm of affairs at the bourse, said officials privy to the investigation.
The trial court had dismissed the bail plea of the former NSE boss on May 12 considering the gravity and magnitude of the allegations and said that no ground for bail was made out at this stage.
Special Judge Sanjeev Aggarwal made the reference in an order passed and reported on May 12, a detailed 42-page copy of which was uploaded on the court's website on Monday.
Earlier, the Central Bureau of Investigation (CBI) had opposed their bail applications saying they could influence the witnesses and tamper with the evidence.
The 30-share BSE benchmark went lower by 84.88 points or 0.15 per cent to settle at 56,975.99 after recovering some lost ground during the fag-end of trade.
At 9:16 am, the Sensex was up 269.23 points or 0.47 per cent at 57435.97, and the Nifty was up 92.80 points or 0.54 per cent at 17266.50.
The CBI had recently arrested former NSE managing director and chief executive officer Chitra Ramkrishna and group operating officer (GOO) Anand Subramanian in this case.
The panel has called Buch to deliberate upon regulatory issues related to initial public offerings, international financial services centres and alternate investment fund.
Client fund misuse: NSE expels Modex International, Karvy Stock Broking, 28 others in last six years
The exchange took these decisions between July 2017 and March 2022, as these brokers failed to comply with the NSE guidelines, according to an update available with the bourse.