Jain has planned to host the premiere in his hometown Indore May 5, ahead of its release May 9, said a statement.
He has also said that he will host the premiere of all the films that he associates himself with in future, in Indore.
"Mastram" is the directorial debut of Akhilesh Jaiswal, who was also the screenwriter for "Gangs of Wasseypur" (2012).
A production by Bohra Bros, the movie stars Kapil Dubey and Rahul Bagga and also marks the debut of actress Tara Alisha Berry.