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A bench of Justices Aniruddha Bose and Sudhanshu Dhulia said Gonsalves and Ferreira shall not leave Maharashtra and surrender their passports to the police.
It also directed the two activists to use one mobile each and let the National Investigation Agency (NIA), which is probing the case, know their addresses.
The activists had moved the top court against a Bombay High Court order rejecting their bail pleas.
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The inflammatory speeches made there led to violence at the Koregaon-Bhima war memorial in Pune the next day, police had alleged.