Jadeja currently has 438 points among the all-rounders while Shakib has 431 points.
Cheteshwar Pujara (888 points) gained a place to be third among batsmen while Virat Kohli (813 points) maintained his fifth position.
Steve Smith and Joe Root are still Nos 1 and 2 in the list of batsmen.
The significant gainer is Ajinkya Rahane (776 points), who has climbed five places to sixth in the list. Opener KL Rahul is at number 11 with 737 points.
Incidentally, the match which put Jadeja on top of the heap is also the one where he breached ICC Code of Conduct to be handed a one-Test suspension.
In the recently-concluded second Test, which India won by an innings and 53 runs, Jadeja contributed an unbeaten 70 and also took seven wickets, including a five-for.
Jadeja also gained nine places to take 51st rank among batsmen while India's wicketkeeper-batsman Wriddhiman Saha has attained a career-best 44th position after moving up four places.
In the bowlers' list Ravichandran Ashwin (842 points) dropped a place to be third with Jimmy Anderson a notch below Jadeja.
Pacers Mohammad Shami (20th) and Umesh Yadav (22nd) have also made notable gains.
England all-rounder Moeen Ali has finished the series against South Africa with a career-best rank of 21 among batsmen, 18th among bowlers and fourth in the table for all- rounders.
His rise in the rankings was due to consistent performances as he became the first player to score 250 runs and take 25 wickets in a four-Test series. He was named the player of the series along with South Africa's Morne Morkel.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)