Sorry to hear that fahlguy. The DGCA can be quite capricious, and the airlines can't do anything about it. It sounds like they just changed the rules on em' mid-stroke as is often the case. The DGCA is very responsive to the Indian pilots' demands and their unions' wishes. THEY determine need for pilots, and what experience levels those pilots need, and apparently, it just went up for ATR captains. Unfortunately this would rule out a job with other Indian carriers as well.
I spent a year with Jet, and when I left they were paying expat ATR captains the same as 777 widebody guys as they were in such short supply. Kind of made me wish I was an ATR driver.
Keep your eyes peeled, there are other jobs out there, Asia, Africa, etc.