While Joshi, who started on the back nine, and turned in one-over, had four birdies on his second nine, Bhullar had three birdies on front nine and one birdie and one bogey on the back nine in his 68 in the KRW 1.2 billion (approximately USD 1 million) tournament.
Of the other Indians, Jyoti Randhawa (71) was Tied-42nd, while Arjun Atwal (73) and Jeev Milkha Singh (75) struggled in 76th and 105th places. Ailing Shiv Kapur, still not fully recovered from illness, shot 76.
Lee Sung, a one-time Asian Tour winner, ensured a strong local presence atop the leaderboard by signing for a 66 to share second place with compatriots Giwhan Kim and Taewoo Kim at the tournament which is seeing the return of the Asian Tour as its new sanctioning partner along with the Korean PGA.
Qualifying school graduate Nicholas Paez of the United States together with Thailand's Thitiphun Chuayprakong and Australia's Michael Wright led the international charge by returning with a 67 to share fifth place with Koreans Jungho Yoon and Junsung Kim.
The world number 38, who is the highest ranked player this week, had to overcome two early bogey scares on 10 and 11 before he steadied the ship with eight birdies to stay ahead of the chasing pack at the Bears Best Cheongna Golf Club.