Siddique has been granted bail by a division bench of the Calcutta High Court headed by Justice Debangshu Basak.
The bail was granted a day after Justice Basak-led division bench had questioned the state administration over the arrests made in connection with the clash.
The Bhangar MLA was arrested by police after ISF members clashed with police at a protest rally in Kolkata's Esplanade on Jan 21.
The ISF workers were accused of assaulting police officers in the downtown Kolkata that had turned into a virtual war zone.
The ruling Trinamool Congress, which had faced flak over the arrest, had accused Siddique of playing in the hands of the Bharatiya Janata Party (BJP).
Accusing Trinamool of having an understanding with the BJP, CPI-M leader Md. Salim had slammed the arrest saying, "Whatever may be his ideology, Naushad Siddique is the only opposition leader in the assembly. That's why he has been arrested."