McCullum described Stokes as a "good friend" and dismissing media speculation as unfounded.
Shedge's selection follows a remarkable run of form for India A and in the IPL for PBKS.
Marizanne Kapp starred with two wickets and 81*-run knock in South Africa's win over India.
India will next face South Africa in Manchester after wins over Pakistan and Netherlands.
Vaibhav Sooryavanshi is in line to make his India senior debut in T20Is against Ireland and England.
Rohit Sharma received the award from the President of India.