Returning from her trip to Thailand after the Ladies European Tour event, the diminutive dynamite, Vani, shot an even par 71 to get one-under 141 and one shot ahead of amateur Ankita Kedlaya, who also shot a 71.
Overnight leader Gaurika Bishnoi slipped to 73 after a bogey start and is now tied-second, one behind leader Vani.
Vani opened with a birdie and added another on 16th, while she bogeyed fifth and 10th.
Gaurika had two birdies against four bogeys.
Amandeep Drall had a double bogey on her very first hole but did well to card 72 and now lies fourth at 143, while seasoned Smriti Mehra exploded into great form with the day's best round of two-under 69 to get into sole fifth.
Neha Tripathi (72-74) was sixth, while Saaniya Sharma (75-72) and Anisha Padukone (75-72) were tied-seventh.
Sharmila Nicollet (78-70), Mehar Atwal (78-70) and last week's winner, Tvesa Malik (71-77) were all tied-ninth.
Sharmila's fine round included one of the two eagles on the day. She holed out her second shot par-4 13th hole, while Millie Saroha (79-75) eagled the par-5 12th hole.
The final round will see Vani tee off in the company of Ankita and Gaurika.
While Vani is looking for her third title of the year, Gaurika is searching for her second success and looking to stay ahead of the Order of Merit, while Ankita, still an amateur, is hunting for her first title against professionals.
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