Bangladesh's Md Siddikur Rahman, the pre-tournament favourite, came up with a steady two-under-70 to maintain his lead going into the final round. Siddikur was ahead by two as his three-day total read 12-under-204.
Shankar (71-68-67), who was overnight joint second, emerged as the most serious challenger to Siddikur on day three.
Shankar, who kept landing it close to the pins through the day, made six birdies and a bogey, all on the front-nine. He then didn't give anything away on the back-nine, making pars on all the holes.
India's Shamim Khan (70), Sweden's Malcolm Kokocinski (71) and Bangladesh's Akbar Hossain (71) shared the third spot at five-under-211.
The event is tri-sanctioned by the Asian Development Tour (ADT), Professional Golf Tour of India (PGTI) and Bangladesh Professional Golfers Association (BPGA).
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