Before you start, soak the basmati rice for 15 minutes.
Preheat your Instant Pot with the Sauté setting. Heat the oil, and then cook the cumin seeds & fennel seeds for 30 seconds until then darken. Add the onion & cook for about 2 minutes, until they are translucent. Then, add the garlic and ginger paste, and cook for an additional 2 minutes.
Now, add the entire can of tomatoes, with the remaining spices, save for the salt. Cook for 5 minutes and stir.
Now, add your cut bell peppers, salt, and water. Stir well to make sure nothing sticks to the instant pot.
Drain your rice and add it to the instant pot. Cancel the saute.
Now, place on the lid and set Pressure Release Knob to Sealing, at Manual and High Pressure, with a cook time of 5 minutes. Wait for manual release, which will take about 30 minutes.*
Open the lid, fluff the rice, garnish with lemon juice and cilantro as desired, and enjoy!