Piyush added a 68 to his overnight 76 to be level par 144 for the tournament and was leading by a shot from overnight joint-leader Feroz Singh Garewal who shot a 1-over 73, at the Golden Greens Golf Club.
Kartikey Vashist was tied for the third place along with Shubham Narain at 147.
Manu Gandas occupied the fifth position at 148 while Pukhraj Singh Gill (149) was sixth, with the tournament favourite Viraj Madappa lying in the seventh spot at 152.
Piyush, a 10th tee starter, began in great style with an eagle on the par-5 11th. A bogey on the 12th and 16th was followed by a birdie on the 18th.
Having learnt from his mistakes, the 15-year-old went about clinically in his back nine opening with a birdie. He went on to make two more birdies on the sixth and his finishing hole without any errors to submit a card of 68.