The International Cricket Council has voted in favour of changes over structure of governance and a revamped revenue model at a board meeting in Dubai.
The proposals put forward required constitutional change with a review of full membership as well as a two-tier Test structure.
The ICC's first independent chairman Shashank Manohar, who used to head up the Board of Control for Cricket in India, was also looking to rubber stamp a new revenue model, which would cut the share of the 'big three' of India, Australia and England, in a bid to boost the coffers of developing nations.
Only India, which under the old statutes received some 570million US Dollars (£443million), voted against the 'governance and constitutional changes', which were passed by a 9-1 majority, while the revenue changes saw an 8-2 result with Sri Lanka Cricket also opposed.
A senior BCCI official said, as reported by the Press Trust of India: "The BCCI has voted against both as we had, in principle, maintained that all these changes are completely unacceptable for us. At this point, we can only say that all options are open for us."
India, meanwhile, are the only team to miss the deadline for announcing their squad for this summer's Champions Trophy in England.
The deadline for submitting squads for the June tournament passed on Tuesday, with the seven other nations registering their 15-man line-ups.
The ICC are understood to remain relaxed about India's delays, however, with Tuesday's initial squad submission deadline focused chiefly around promotional purposes.
India are not expected to face any penalty for missing the initial deadline, provided they move forward and submit their squad as anticipated.
Source: PA
