Consequently, the Italian will miss his side's next match against Mumbai City FC here later on Wednesday.
The suspension came in the aftermath of a fight on the ground after Chennaiyin's 0-0 draw against Kerala Blasters on October 29 here.
Materazzi got involved in a scuffle involving Chennaiyin's Manuele Blasi and Kerala's Kervens Belfort after the completion of the match.
Materazzi defended his actions post the match insisting his efforts were meant to pacify an agitated Belfort.
"Materazzi was found guilty of 'misconduct against opponents or persons other than match officials' under AIFF Disciplinary Committee Article 49 C for his unsporting behaviour towards a team official of the opponent team after the Hero ISL 2016 Match 26 (29th October 2016 vs Kerala Blasters FC) at Jawaharlal Nehru Stadium, Chennai," read an ISL statement.
Chennaiyin are currently fifth in the standings with nine points after six matches.