OFDM is a key modulation technology of current wireless communication systems such as 4G LTE/LTE-A. The fifth generation (5G) of wireless cellular networks is required to support a large variety of services such as extreme mobile broadband (xMBB) and novel machine type communication services. In this new scenario, wave-form shaping plays key role to reduce out-of-band (OOB) radiations. So pulse shaping based orthogonal frequency division multiplexing (OFDM) systems are the most promising proposals for 5G wireless cellular networks. These systems are designed on the success of LTE/LTE-A and many other present wireless cellular systems. In this paper, we have proposed a new pulse shaping window called Modified Raised Cosine Power pulse for N-subcarriers OFDM systems that suppresses OOB radiation and reduces peak to average power ratio (PAPR). It has been observed that the inter-carrier interference, signal to interference noise ratio, bit error rate and complementary cumulative distribution function of the PAPR versus threshold PAPR (PAPR0) performances of the OFDM system with proposed pulse shape filter is far better than all recently proposed pulse shaping function.