Cl2 being a stronger oxidising agent than I2, first oxidises KI to I2 which imparts brown colour to the solution.
2KI (aq) + Cl2 (g) 2KCl (aq) + I2
But when Cl2 is passed in excess, the I2 so formed gets further oxidised to HIO3 (colourless)
5Cl2 (g) + I2 + 6H2O 10HCl + 2HIO3