The awards will be given away on January eleven at the NSE grounds in Goregaon here.
'Iqbal' follows second with nominations in ten categories while 'Sarkar' has bagged seven nominations.
A release issued here by Star India, which will telecast the awards live, said, apart from being in the list of best film, 'Black's' maker Sanjay Leela Bhansali is in the race for best director while Amitabh Bachchan and Rani Mukherjee have been nominated for best actor and actress, respectively.
Shernaz Patel, who played the role of Rani's mother in the movie, has been nominated in the best supporting actress category.
The film has also been nominated in the category of the best background score (Monty Sharma), best screenplay (Sanjay Leela Bhansali, Prakash Kapadia, Bhavani Iyer), best dialogues (Prakash Kapadia in Hindi and Bhavani Iyer in English), best editing (Bela Segal), best sound (Resool Pookutty), best cinematography (Ravi K Chandran) and best art direction (Omung Kumar).
'Black', 'Apaharan', 'Iqbal', 'Sarkar' and 'Hazaaron Khwaishein Aisi' are in the race for the best film award.
Ajay Devgan ('Apaharan'), Amitabh Bachchan ('Black'), Saif Ali Khan ('Parineeta'), Shah Rukh Khan ('Paheli') and Shahid Kapur ('Shikhar') have been nominated for the best actor trophy.
Juhi Chawla ('My Brother Nikhil'), Konkana Sen Sharma ('Page 3'), Priety Zinta ('Salaam Namaste'), Rani Mukherjee ('Black') and Sharmila Tagore ('Viruddh') are in the race for the best actress award.
'The Rising', one of the year's big budgeted films has received five nominations for -- Toby Stephens (best supporting actor), best background score (A R Rehman), best playback singer (Kavita Krishnamoorthy), best sound (Robert Taylor) and best choreography (Saroj Khan).
The other big budget film 'Taj Mahal' has been nominated for most promising newcomer (Sonya Jehan), best action (Sham Kaushal), best art direction (Chandravadhan P More) and best actor in negative role - female (Pooja Batra).
Last year's biggest box-office grosser 'Bunty aur Babli' has been nominated in the categories of best supporting actor for (Amitabh Bachchan), best actor in a comic role (Abhishek Bachchan), best music (Shankar Ehsan Loy), best female playback singer (Alisha Chinoy) for 'Kajra re' song and best choreography (Vaibhavi Merchant) for the same song.
The other big grosser - 'No Entry' has only received one nomination for Anil Kapoor in the best actor in comic role.