A Mumbai court has rejected the bail application of MCX promoter Jignesh Shah arrested in connection with the 5600 crore rupees NSEL scam. However, the designated Maharashtra Protection of Interest of Depositors (MPID) Act court judge D P Surana granted bail to Shah's aide and former chief executive of MCX Shreekant Javalgekar.The court, while granting Javalgekar bail on a bond of 10 lakh rupees, directed him report to the office of the Economic Offences Wing of Mumbai police every alternative day till the filing of the charge sheet. The court also asked Javalgekar to surrender his passport to the investigating agency, besides directing him not to induce any person connected with the case.