The film, which chronicles the story of an aspiring singer, walked away with the trophy of best director for Imtiaz Ali, best music director for A.R. Rahman and best singer (male) for Mohit Chauhan.
Vidya Balan received the best actor (female) award for "The Dirty Picture".
The best film award went to "Zindagi Na Milegi Dobara". Directed by Zoya Akhtar, the movie featured Hrithik Roshan, Farhan Akhtar and Abhay Deol.
The best debut male and female awards went to Vidyut Jamwal for "Force" and Parineeti Chopra for "Ladies v/s Ricky Behl", respectively, while Abhinay Deo was adjudged best debut director for "Delhi Belly".
Usha Uthup and Rekha Bhardwaj jointly received the award for best singer (female) for the film "7 Khoon Maaf".
Hosted by Mandira Bedi, the awards, presented by UTV Stars, featured performances by Usha Uthup and rocker Papon.
Megastar Amitabh Bachchan was honoured with the award for maximum impact made by a personality.
The awards ceremony, held Friday night, was the concluding event of the three-day annual FICCI FRAMES conclave.
"When it comes to entertainment, India is reaching new heights with each passing year due to the efforts and passion of a set of people who are its driving force," filmmaker Karan Johar, co-chairman, FICCI Entertainment Committee, said in a statement. "With the FICCI Frames Excellence Awards, we hope to honour the best across the different media platforms. We hope the awards inspire all to excel," he added.