I said in this thread that option writers will get more money. But I did not have any idea these many crores on the table. 
Of-course the premium pricing will get corrected soon enough. But I am not sure about the less liquid instruments like individual stocks.
Whatever be the case, the option writers got to benefit here. Their risk is reduced now. They have the profit point of settlement price extended to the break-even range of STT.
ALSO, For instruments having strike price intervals overlapping or real close to the STT breakeven, there is more money for them there.
I kind of expect SEBI will make changes to the rules so these anomalies will be removed. But the cynicist in me tells that SEBI will delay till the market becomes efficient with the new process and then they will change the rules leaving another anomoly for some time. The dilemma here is what to call the people benefit on this ping pong between exchanges and SEBI, crooks or the intelligent. (There has already been a ping-pong with derivative contract size).
I believe SEBI will step in because of the new exchanges and the need to align with international practices/markets.