Last week while watching TV, I saw an ad by Advertising Standards Council of India (ASCI ) regarding where to report complaints on advertisements. I have seen the ad only once though. It seems many FMCGs are in their radar. You can go to their website for more info. Checkout their mission statement here.
Some of the controversial ads were those of Dabur Red Toothpaste that guaranteed strong teeth.
Now the most important part : You can send your complaints to asci@vsnl.com or
Use their website :
http://www.ascionline.org/two/howtocomplain.htm