Step 1: Bleaching powder is calcium oxychloride, CaOCl2. When added to water it releases chlorine, which then reacts with water.
Step 2: Chlorine plus water forms hypochlorous acid (HOCl). Hypochlorous acid is the most effective and active disinfecting species: it is small, uncharged, and penetrates the microbial cell wall to inactivate enzymes.
Step 3: The disinfecting action of chlorine is mainly due to hypochlorous acid, and to a smaller extent due to the hypochlorite ion (OCl-). Chloramines are formed when chlorine reacts with ammonia and act more slowly. Hypochloric acid is not a recognised disinfecting species.
So the active disinfectant is hypochlorous acid. Ref: Park's PSM, 24e, p. 138.