An apex court bench headed by Justice Aftab Alam granted bail after Sharma filed an undertaking that he would make himself available for trial as and when called by the court.
The court, while granting bail, directed him to furnish a bond of Rs.5 lakh.
It directed Sharma to report to the deputy superintendent of police, CID-Crime, at Gandhinagar every Monday between 11 and 11.30 a.m.
The court said the Gujarat government was free to circulate Sharma's photograph and other personal details to immigration authorities at airports and ports.
The IAS officer was jailed after allegations of giving land to private companies at a concessional rate in the wake of the 2001 earthquake.
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