Rashid's total score stood at 12-under 132 at the halfway stage, while Kolkata's SSP Chowrasia fired a seven-under 65 in round two to be placed second at the Jaypee Greens Golf Resort.
In the third place play-off, Navratna Ahmedabad pipped Jaypee Greens Greater Noida on sudden death after the match score was tied 1-1.
The Pro-Am will be held on Thursday and the main event to played over three rounds of 14 holes each under floodlights will begin on Friday.