Ishant will thus miss India's first Test against South Africa at Mohali from November 5.
Sri Lanka's Dinesh Chandimal has been handed a suspension sentence of one ODI for making deliberate physical contact with Ishant while Lahiru Thirimanne and Dhammika Prasad were fined 50 percent of their match fees.
"In a separate incident, which happened in the first over of Sri Lanka's second innings, Sharma was handed two Suspension Points for giving a send-off to opener Upul Tharanga", the ICC said in a statement, hours after India clinched a historic Test series win.
Sharma was charged under Article 2.1.7, which relates to "using language, actions or gestures which disparage or which could provoke an aggressive reaction from a batsman upon his/her dismissal during an International Match".
"This was the third time that Sharma been found guilty of giving the dismissed batsman a send-off during this series. Therefore, he has been suspended for his next match and will miss India's first Test against South Africa in Mohali from 5 November," the release stated.
If Sharma commits a further breach of Article 2.1.7 within 12 months, it will amount to his fourth offence and, as such, he will face an imposition of eight Suspension Points or a suspension for a fixed period of time ranging between the equivalent of eight Suspension Points and one year.
Two Suspension Points in the Code equates to a suspension from one Test or two ODIs or two T20Is, to be applied to the subsequent international matches in which the player sanctioned is most likely to participate in.