Sharma, accused of being a middleman, has been in jail for nearly two years.
The HC had granted him bail in another Vyapam-related case earlier.
A division bench of acting Chief Justice Rajendra Menon and Justice A K Shrivastava granted Sharma bail after his lawyer Kapil Sharma pointed out that other accused in the case were already out on bail and the prosecuting agency had filed the charge sheet after completing the investigation.
The Special Task Force (STF) of MP police -- which was probing the massive racket at the Vyapam (MP Professional Examination Board) where recruitment examinations for various government posts and educational courses were rigged -- arrested Sharma in four cases in July 2014.
CBI is probing the Vyapam cases following the Supreme Court's order.
Sharma is accused of acting as a middleman and helping at least 12 persons clear these three tests.