Directed by Rakesh Ranjan Kumar of "Gandhi to Hitler" fame, the movie will feature Imran Zahid in the lead role while newbie Zoa Morani is being considered to pair opposite him.
The Sufi rock band, comprising Wajhi Farouqui, Hassan Farabi and Sunny Ghansham, released its first album in 2006. Their second album came four years later.
They are upbeat about their Bollywood debut.
"We are really excited about entering Bollywood through a project like 'Marksheet', " Ghansham, the band's guitarist, said in a statement.
"We are a band and making music for us is a collective effort. Often you find that only playback is given importance even when a band is taken aboard. But the makers of the film are not limiting our capability and have given us a chance to perform together with our original sound which is a welcome step for musicians.
"Also, we have a huge following in India but films increase your spectrum and take you to a much larger base, " he added.
The song by Raeth for the film will be shot in Delhi University. The makers of the film also plan to organise a series of concerts by bands in various colleges.
"Marksheet" will not just be an issue-based film but will also be a love story. It will mostly be shot around Delhi University. Parts will be filmed in Bangalore, Mumbai and Kolkata.