Shows the King of Bollywood in a steamy lovemaking scene with actress Deepa Sahi.
The 42-year-old was then a rising actor in Bollywood.
The Mumbai Mirror reported that the lovemaking scene - explicit by Bollywood standards - was censored in 1993, in keeping with the sensibilities of the time.
The movie was directed by Ketan Mehta, who also directed the 2005 film Mangal Pandey - The Rising.
The movie, about a bored housewife (played by Deepa) who has affairs with younger men, flopped at the box office.
The sex scene, which was reportedly leaked online last Friday, has been uploaded onto video-sharing website YouTube and has spread to various fan sites and blogs.
One incarnation of the video had this heading: 'Shahrukh was young and needed the money.'
Deepa, who is married to Ketan, told the Mumbai Mirror earlier this week that no part of the particular scene had been censored, saying the film hit the theatres without any cuts that year.
When it was pointed out to her that the leaked clip was far more explicit than the original, she said she didn't know where that sex scene came from.
This led to speculation by netizens that the scene is fake.
Deepa added that she didn't know what the fuss was about.
'I think India was far more liberal in thinking 50 years ago. We seem to have become more regressive over the years,' she said.
Shahrukh is one of Bollywood's biggest stars. He now part-owns one of the cricket teams in the Indian Premier League.
Known for his roles as the romantic leading man in films like the huge 1995 hit Dilwale Dulhania Le Jayenge (The Brave Heart Will Take The Bride), Shahrukh has said that he is uncomfortable kissing his on-screen lovers.
In a 2006 interview with UK newspaper The Guardian, he said: 'I feel shy doing it. I feel uncomfortable with so many people watching.'
He is also known as a devoted family man off-screen, having been married for 18 years to wife Gauri Khan, with whom he has a son and a daughter.
Shahrukh has not responded to media queries about the leaked sex scene.
Will this affect his image as the King of Bollywood? Mr Mitesh Kishore Desai, a 25-year-old civil servant, thinks it will have an impact on Shahrukh's reputation.
He told The New Paper: 'Even if this was shot 15 years ago, before he became a superstar, this will make him look like a hypocrite.'
A Shahrukh fan, Maisarah Abu Bakar, thought otherwise. The 29-year-old specialist officer with a secondary school said: 'He is a star in a league of his own. It might affect him a little but he won't be blamed for this.
'And the Hindi film industry is quite chauvinistic. If this happened to an actress, it would have been game over for her. For him it would be just a slap on the wrist.'