Asked about calls for the revocation of his passport after Saeed joined him at a protest in Islamabad against the hanging of Afzal Guru, Malik said: "It is their wish if they wish to confiscate my passport or to arrest me. Jail is my second home".
Saeed, blamed by India for masterminding the 2008 Mumbai attacks, had briefly participated in the protest organised by the Jammu and Kashmir Liberation Front (JKLF) in Islamabad on February 10.
After photographs appeared in the media of Saeed and Malik, demands were made by political parties for the cancellation of Malik's passport.
"The government needs to come out clean with an action plan. They must arrest, forfeit his passport and take action against Malik and tell the nation. This is a monumental mistake on the part of the Home Ministry and we will raise at all forums available," BJP had said.
Reports in the Indian media said Malik's activities in Pakistan could cost him the freedom to travel abroad.
Authorities could also decide not to reissue a passport to him.
Malik visits Pakistan several times a year to meet his wife and his young daughter.