Gently melt the butter in a stainless steel pot with a heavy bottom over low heat. Turn heat up to medium and bring to a boil. Turn the heat back down to low and simmer, stirring occasionally for about 10-15 minutes, until it smells nutty and looks golden.
Rinse the rice under cold running water until the water runs clear. Soak rice in cold, salted water for 2 to 3 hours. Drain.
Put the ghee into a small saucepan and heat. Add rice and salt and stir. Add water and peas and bring to a boil. Reduce heat to a simmer and cover with a lid. Simmer for 10-15 minutes. Take off the heat and continue to steam the rice in the pot for another 5 minutes. Fluff with a fork and serve.