Mozez becomes the first Bollywood director to win the trophy.
Sikhya Entertainment & Metamozez Entertainment's coming-of-age musical drama, "Zubaan", was the opening film at the 10-day festival, which began on October 1.
Co-produced by Guneet Monga ('The Lunchbox'), "Zubaan" was the second Indian film to open the prestigious festival after Bengali movie "The Wrestlers", which raised the curtains on its fifth edition.
The inspiring film also received wonderful response at the on-going film festival.
"The whole Busan experience has been tremendous. From being the opening film and having our world premiere in such a fabulous way to winning the Rising Director award, all of it is so surreal and exciting but most of all, it feels very rewarding to know that people are loving 'Zubaan' and that's all that really matters," he said in a statement.
"Zubaan" also starring Sarah Jane Dias, follows a young boy (Vicky), who loses his faith and develops a fear of music and his journey in fighting that fear and thus finding himself.