Called "Help!", the concert held in the western Indian film hub of Bombay, was broadcast on several news and entertainment television channels.
Indian film legend Amitabh Bachchan, current superstars Shahrukh Khan and Aamir Khan and former Miss World Aishwarya Rai made appeals for donations.
Pakistani stars present included leading filmstars Meera Rafqat Ali Khan and Waris Baig Mirza, pop band "Strings" and comedian Omar Sharif.
The concert opened with the lighting of a lamp by 14-year-old Satish Kumar from Cuddalore in southern Indian state of Tamil Nadu which was worst by the tsunami of December 26, which killed thousands of people in the state.
The film stars auctioned costumes and dresses worn by them in recent big hits to raise funds for rehabilitating the thousands of fishermen in India who lost their means of livelihood.