The jiva utkramantam — departing — sthitam — abiding — bhunjanam — experiencing — guna-anvitam — accompanied by gunas — vimudhah — the deluded — na anupashyanti, do not perceive. Pashyanti jnana-chakshushah — those with the eye of jnana do see.
Krishna lays down the diagnostic line. The jiva is right here in every transition — leaving, staying, tasting, garbed in gunas — but the deluded miss it. The jnana-chakshus is what makes the jiva visible.
Shankara reads the atman departing a prior body, residing within a present one, or experiencing sense-objects along with sukha-duhkha-moha gunas as remaining in plain sight, yet the vimudha — whose minds are drawn entirely toward seen and unseen enjoyments — do not perceive it. The Lord's compassionate lament — aho kashtam — signals that ignorance is not natural but pitiable. The jnana-chakshus is the eye that the chapter's earlier discriminations have been forging; with it, the witness is recognized in every state.
Madhusudana follows Shankara closely: the self, darshana-yogya — visible — in all states yet invisible to those whose minds are dragged by the vasanas of seen and unseen vishaya-bhoga, is perceived only by those with the jnana-chakshus born of pramana-janita — valid-cognition-generated. His distinctive synthesis appears in his retention of both the strict Advaita epistemology and the bhakta's lament: knowledge is the eye, but the bhakti orients the vision toward what the eye then sees.
Ramanuja reads the jiva, though inseparably associated with a body-form constituted of guna-transformations — departing one such body-configuration, abiding in another, enjoying sense-objects arising from that configuration — as categorically distinct in form from any such body-form. Vivikta-akara — distinct form. The deluded who identify the body as the self do not see this distinct jiva-form; the jnana-chakshus sees it clearly as a real, eternally distinct sentient mode of Brahman. The recognition is not collapse into Brahman but the seeing of jiva-as-distinct-amsha.
Madhva reads the verse as answering the implicit question 'why is the jiva not seen?' Vimudhah — the thoroughly deluded — are the reason. There is no absence of niyamaka in the body; rather, there is incapacity in the perceiver. The jnana-chakshus is the bheda-recognizing eye that sees Hari as inner controller and the jiva as eternally distinct paratantra. The bheda is what is seen by the trained eye, not collapsed by it.
Vallabha reads the jiva, wrapped in the body-configuration of the three gunas, passing from one body to another, or enjoying vishaya, as remaining invisible to the deluded who take the body to be the self — pinda-atma-abhiminanah. This is the condition of those outside Krishna's prasada. Vivikta-akara — the distinct form of the self — is recognized only by those whose jnana-chakshus has been opened by Krishna's grace. Pushti-marga: the eye is itself prasada-given.
Shridhara reads the verse as a plain diagnostic: the jiva, equipped with the indriyas, is called guna-anvita precisely because it is associated with the instruments of enjoyment — departing one body, dwelling in another, tasting vishaya through these instruments. The vimudha do not look — na alokayanti — and do not perceive. The jnana-chakshushah look and see. The chapter's whole vision-rehabilitation is in this contrast.