Broad suffered a side strain during the ongoing World Cup, while Mascarenhas is nursing an Achilles injury.
The Punjab team comprises seven international players, 16 Indian players, the franchise's CEO Arvinder Singh said.
Singh said the team will play four matches in Mohali and three in Dharamsala. He said the matches in Dharamsala will be played on May 15, 18 and 21.
He said a coaching camp of the Indian players will be organised at the HPCA Stadium from April 21 to 26.