The move came after all-rounder Andrew Symonds, Australia's only black player, was booed by some of the 40,000 crowd during the seventh and final game of the India-Australia series here Wednesday.
Symonds had complained during an earlier match in the series that some of the crowd had made monkey noises at him.
President of the Board of Control for Cricket in India (BCCI) Sharad Pawar and Chairman of Cricket Australia Creagh O'Connor stressed that racism was a global problem and not confined to specific nations.
"Cricket crowds in all cricket nations are often noisy and boisterous which is part of the fun of cricket," they said in their statement.
"But all cricket nations have to be on guard to ensure the fun does not cross the boundary into unacceptable behaviour.
"If it does, it is our expectation that the specifics of the ICC (International Cricket Council) Anti-Racism code be enforced without fear or favour. Players of all countries have a right to expect they will be treated with respect wherever they play in the world."
It said witnesses to poor crowd behaviour must draw the attention of the authorities immediately so that it could be addressed there and then, rather than being reviewed via media reports.
Australia cricket spokesman Philip Pope said Wednesday's booing of Symonds was immediately reported to match referee Chris Broad, who is believed to have spotted the perpetrators in a photograph.
Symonds, who has had a running feud with Indian paceman Shanthakumaran Sreesanth right through the ill-tempered series, had complained about being subjected to monkey chants during the fifth game in Vadodara.
The matter was widely reported in the media but no action was taken after the Australian cricket board decided against lodging a formal complaint.
"I didn't mind when it happened. What disappointed me was that someone denied it happened. It's not in my hands, but for the powers that be to deal with the matter," Symonds said.
The ICC has demanded an explanation from the BCCI over the incident.