Sharma will go into the final day of the Rs. 75 lakh event being played at the Golmuri Golf Course, with a two-shot lead at 16-under-197.
Bangladesh's Md Zamal Hossain Mollah (69) is placed second at 14-under-199 whereas the third place is shared by Das, Bengaluru's Khalin Joshi, Greater Noida's Samarth Dwivedi and Rashid Khan of Delhi at 13-under-200.
Sharma started well and seemed to be opening up a big lead when he birdied the second and fourth. However, his progress was halted by some ordinary hitting, that resulted in bogeys on the eighth and 15th. A 20-feet birdie conversion on the 16th helped him close the day with a two-shot cushion. Md Zamal (67-63-69) made four birdies and two bogeys, all on the front-nine, during his third round of 69, to continue in second spot and remain in contention.
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The 2014 Rolex Ranking champion then took flight with two birdies and an eagle over the next three holes to make the turn at four-under. Three more birdies followed for Das on 11, 12 and 13 as he sank a total of five birdie putts from 10 to 20 feet.
Khalin Joshi (64), Samarth Dwivedi (66) and Rashid Khan (66) also kept their hopes alive with solid rounds to join Shankar in tied third.
Defending champion Mukesh Kumar (70) of Mhow ended the day in tied 36th at two-under-211.
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