Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
The court, later in the day, allowed his application.
The sessions court on Thursday extended the police custody of the Financial Technologies and Multi Commodities Exchange (MCX) promoter Jignesh Shah and former managing director and chief executive of the commodity exchange Shreekant Javalgekar till May 19.
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FTIL group is in big trouble after over Rs 5,500 crore payment crisis surfaced at its subsidiary NSEL last year.
Jignesh Shah, who is fighting legal cases in the NSEL's Rs 5,600-crore scam, has resigned as the Managing Director of Financial Technologies India, a company set up by him, and will become its Chairman-Emeritus.
Allegations of a particular market player being favoured over others were flying thick and fast in the early days of the scam.
The cash segment turnover at MCX-SX sharply fell to Rs 624 crore (Rs 6.24 billion) in November from Rs 1,119 crore (Rs 11.19 billion) in October, 2013.
The Ministry's decision comes more than a year after the payment scam at NSEL came into light in July 2013.
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