IFFM, which is all set to celebrate diversity in 2017 as its central theme, has announced the nominations on Tuesday.
Bachchan is nominated for his role of an aggressive lawyer in 'Pink', while Aamir has bagged a nomination for playing an amateur wrestler Mahavir Singh Phogat in 'Dangal'.
Other nominees in the category include Hrithik Roshan for "Kaabil" and Lalit Bhel and Adil Hussain for "Mukti Bhawan".
Alia Bhatt ('Dear Zindagi'), Vidya Balan ('Kahaani 2'), Tannishtha Chatterjee ('Dr. Rakhmabai'), Kavya Madhavan ('Pinneyum'), Ratna Pathak and Konkona Sen Sharma for ('Lipstick Under My Burkha') are nominated in the best actor-female category.
While, "Pink", "Sultan", "Ae Dil Hai Mushkil" and "MS Dhoni" will compete in the best film category.
The festival in 2017 will run from August 10-22 and will showcase over 60 films across 20 languages.