Shiv was nine-under 207 after hitting four birdies against a couple of bogeys in the third round.
Chowrasia, meanwhile, totalled seven-under 209.
Shiv parred the first five holes before notching up his first birdie on the sixth.
A bogey followed on the very next hole but Shiv managed to break par in the front nine by gaining a shot on the ninth hole.
His back nine also comprised a couple of birdies -- on the 10th and 16th -- and a bogey.
The Kolkata-pro picked up three birdies against an equal number of bogeys for a second successive card of 70.
At the top, South African Retief Goosen continued to lead carding a 67 in the third round to take his total to 17-under 199.
A couple of strokes behind the South African was local favourite Bernhard Langer, who returned a 65.
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