1st and 2nd stage sepeartion
http://www.isro.gov.in/sites/default/files/videos/My%20Movie.mp4.mp4
So antriksh - the final part of the clip and the last image of your post show a ring-like structure -- is this the PAM-G after being discarded?
https://en.wikipedia.org/wiki/Space_tug#ISRO_PAM-G
I hope we'll be able to see more such onboard camera footage in the future. Goodness knows we've all been clamoring for it.
Not PAM-G, the last image view is of the third stage moving away from the second stage(camera is on second stage top) after separation. After few seconds, we can see the cryo engine ignition as bright light. ISRO also monitors all the parameters of the cryo through telemetry(pic attached).
I also hope they include on-board video in launch broadcast. They should also open up the telemetry info and provide web API so that we can also view it in real time on some web client.
Any speculation on yellow flashes caught on engine bell at 5 and 12 seconds mark before separation? Also very briefly we get a glimpse of mildly glowing red engine bell @ 49 sec mark. Also at CUS separation that is Moon in background.
At 5 seconds, flash is caused by ignition of the first stage solid booster. At 32 seconds, fire is due to ignition of second stage engine. Second stage ignites few seconds before first stage is off.
EDIT: at 12 seconds its some how due the same reason.
Any speculation on yellow flashes caught on engine bell at 5 and 12 seconds mark before separation? Also very briefly we get a glimpse of mildly glowing red engine bell @ 49 sec mark. Also at CUS separation that is Moon in background.
At 5 seconds, flash is caused by ignition of the first stage solid booster. At 32 seconds, fire is due to ignition of second stage engine. Second stage ignites few seconds before first stage is off.
EDIT: at 12 seconds its some how due the same reason.
Holy...

This is why you put the time stamp on videos people! The sneaky cut is at Frame 907 of video @ 30.264 mark..
How I understood the video earlier...

It starts while ~2 min in flight. @5 and @ 13 seconds are flashes that we see on bell and immediately after that we see vented interstage shadows running over bell possibly indicating some rolling or pitching. At 31 seconds GS2 engine ignites pushing separated GS1 away. We see it fall away and oxidizer cloud. Interstage separation. Video cuts to glowing hot engine bell and then cut to second camera and GS2 separation etc...
Thanks

Edit: Attached frames 907 and 908 from video. It is very confusing..
Attaching GSLV Mk2 D6 brochure by VSSC. This is more detailed than that of ISRO.
(Thanks to Ohsin, /r/isro)