Rasheed was detained along with many of his supporters, a spokesman of his Awami Ittehad Party (AIP) said.
Police swung into action as soon as Rasheed and his supporters started the sit-in at Press Colony here.
He was taken to police station Kothi Bagh, the spokesman said.
The controversial MLA had announced he will hold the 72-hour sit-in against the "insensitivity" of Union government towards Kashmir.
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