The speaker's ruling came after the state's parliamentary affairs minister, Girish Bapat, moved a proposal demanding their suspension.
In his resolution, Mr Bapat said the Opposition MLAs had conducted themselves in a "disgraceful and unconstitutional manner". Everybody had the right to express themselves, but setting the state budget copy on fire outside the House had never happened, he said.
The legislators had also waved banners, played a musical instrument and burned copies of the budget outside the assembly building on March 18. Inside, they had disrupted the speech of Finance Minister Sudhir Mungantiwar demanding farm loan waiver.
Leader of Opposition Radhakrishna Vikhe Patil said the government can suspend all the Opposition legislators, but they will continue to raise farmers' issues.