In a bowl, mix capsicum, onion, green chilies, coriander leaves, red chili flakes, chaat masala, and salt to prepare the filling.
Take three bread slices. Spread butter one side of each bread slice. Spread green chutney over two buttered slices.
Place spoonful of filling on the chutney-covered slices and top with shredded cheese.
Stack the two slices with filling side up and cover with the third slice, buttered side down.
Apply or brush the butter inside the sandwich mold. Roast the sandwich in a hand toaster or sandwich maker, until crisp and golden on both sides. You can roast sandwich over the hot griddle, pressing with flat spatula, if you don't have sandwich maker.
Transfer to a plate, crosscut into four triangles, and garnish with butter, shredded cheese, sev, and chaat masala.
Serve hot with spicy ketchup and green chutney.
Make more Ghughra sandwiches using same method and enjoy with cup of tea as a snack or breakfast.