Sheoran (73-72-69) shot a three-under-69 in the third round to establish a one-shot lead at two-under-214. His third round featured six birdies and three bogeys.
Second round leaders, Gulfam (75-68-72) of Delhi and Harish K (70-73-72) of Mysuru, slipped to tied second at one-under-215 after returning scores of 72 on day three.
Bengaluru's C G Somiah was in fourth place at even-par-216.
At the end of round four, the top 39 players (+ ties) will earn full cards for the 2017 PGTI season.
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