Shubhankar, 20, who was Tied-11th in Singapore and Tied-9th in Myanmar, was third at Bangladesh open last year.
Tomorrow, Shubhankar had nine birdies against two bogeys, while the 21-year-old Jazz, had one eagle and six birdies against a bogey, at the Kurmitola Golf Club.
Overall, it was a good day for Indians, as Chiragh Kumar (68) was sole fifth and Khalin Joshi (69) was Tied-sixth.
Veteran 51-year-old Mukesh Kumar, who won his maiden Asian Tour title at Panasonic Open India in December, and young Honey Baisoya carded 70 each to be Tied-15th. Udayan Mane (71 and Tied-29th) and Sujjan Singh (72 and Tied-46th) were among others in line to make the cut.
Shubhankar's third place in Dhaka last year is his best Asian Tour result, while he also shot 10-under-par 62 in the final round of the 2016 Resorts World Manila Masters last November to finish tied-fourth and that helped him keep his card for 2017.
Shubhankar said, "I am very happy with the round. I just hung in there and made all the crucial putts. I hit it pretty close for all the birdies I made today. The shots that I missed, I did not missed by much. It could have been better. I have been playing well. I am just riding on my good form. I was hoping to get a good start to the week and I did.
Panuphol Pittayarat of Thailand carded a 66 to sit in third place while Singapore's Koh Deng Shan lurks three shots off the pace in fourth following a 67 at the US$300,000 event, which is the third leg of the Asian Tour schedule this season.
Local hero Siddikur Rahman, a two-time winner on the Asian Tour, battled to a 71 to tie in 29th position.
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