Goran Causic has been suspended for four games and Filip Malbasic is banned for three matches.
Minister for Sport Hugh Robertson said: "I am disappointed in the punishment that has been handed to the Serbian FA given the widespread racist abuse that England's under-21 team suffered that night.
"Racism is completely unacceptable and we need tough sanctions to help combat it."
Manchester United defender Rio Ferdinand
"Uefa are not serious at all on racism. Fines do not work at all. They have zero impact on federations, clubs ,fans (and) players.
"Uefa need to talk to this generation. They don't seem to be up to date on this issue. Harsh punishments needed as a deterrent."
Kick It Out's Troy Townsend, whose son Andros played in the game in Krusevac, thinks that the penalties against the Serbian federation were not heavy enough.
He told BBC Radio 5 live Drive: "Steps need to be taken to make sure these things don't happen again and I'm not sure that is going to be the case.
"It's not nice for anyone to be watching those pictures, players being chased around the pitch, the chanting and England management being hit.
"I feel that Serbia have got away with it and the [Serbian] FA needs to be accountable.
"It's great fining them and banning the players, but at some stage the FA have to be held accountable and it's not the first time they've been involved in incidents and they're getting away with it again with a slap on the wrist."
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.