According to the latest Moneycontrol report, prop trading volumes have fallen by around 50% since CAS was introduced.
With this level of uncertainty, even Sensex expiry open interest was down around 60-70% after the first Nifty expiry under CAS.
I feel traders and a few other market players are just taking some time to understand the new setup. Not everyone has cash left to burn testing new strategies when the closing price can move so randomly. The last few minutes have definitely become a lot more unpredictable 
But if the bigger players are already cutting down their positions, who is making money from these moves? And what happens to liquidity and price discovery going forward?