Chief Metropolitan Magistrate SB Bhajipale on Monday allowed Kundra's bail application on furnishing a bond of Rs 50,000.
The court had, in July, said it cannot pass a blanket gag order on the media on reporting anything against Shetty.
The case against Kundra, arrested in July, related to alleged creation of pornographic films and publishing them through some apps.
The nearly 1,500-page charge-sheet against Kundra, 46, the husband of Bollywood actor Shilpa Shetty, and his associate Ryan Thorpe was filed before a magistrate court here by the crime branch.
Businessman Raj Kundra, the husband of Bollywood actor Shilpa Shetty, is an accused in one of the three FIRs filed in the porn films racket.
Kundra filed the anticipatory bail plea in the HC last week in connection with the 2020 case, after a sessions court rejected his application seeking pre-arrest bail.
Raj Kundra in his bail plea, said the police had filed a charge sheet in April, and his name did not figure in it nor in the FIR related to the case.
Kundra was arrested by the Mumbai crime branch on July 19, and is presently in judicial custody.
Kundra, the husband of actor Shilpa Shetty, was arrested on July 19 by the Mumbai Police's crime branch in the porn films case filed in February this year.
Kundra, husband of Bollywood actor Shilpa Shetty, was arrested July 19 by the Mumbai police crime branch under sections of the Indian Penal Code and the Information Technology Act.
Shetty's statement was recorded at her house in suburban Juhu in the afternoon, an official said.
Days after husband Kundra's arrest, Shetty took to her Instagram story on late Thursday and posted a quote by American author James Thurber.
The police also said three women have come forward with complaints in the case, saying they were 'forced to act in pornographic movies'.