Earlier, a gazette notification from the Ministry of Law and Justice said the Women Reservation Act 2023, which gives 33% quota to women in legislatures, shall come into force on April 16, 2026.

In other news, Gautam Adani is Asia's richest person.

With a net worth of $92.6 billion, tycoon Adani has gone past fellow Gujarat business czar Mukesh Ambani, whose fortune stands at $90.8 billion, to become the richest person in India and Asia, according to Bloomberg Billionaires Index.

Moving on, 10 cutting-edge Indian startups have been selected for the second cohort of the IndiaAI Startups Global Acceleration Programme. The cohort spans healthtech, climatetech, edtech, satellite intelligence, cognitive AI, and more.

This aligns with the commitment by the IndiaAI Mission, under the Ministry of Electronics and Information Technology, to advance the country's AI capabilities in the global arena.

Meanwhile, here's an AI company that's giving finance ministers, central bankers, and financiers around the world some serious worries.

The exposure of vulnerabilities in major operating systems by Anthropic's Claude Mythos model has led to crisis meetings. The looming fear is that the AI model could weaken the security of financial systems.

ICYMI: Lastly, given the sweltering heat these days, who doesn't want a cool spell of rain?

From its distinctive smell to the serotonin-boosting ions, rain offers great benefits to the mind and the body. Here are four reasons why you should go out in the rain.

In today's newsletter, we will talk about

• LPL Financial's GCC in Hyderabad
• QAI Ventures' focus on quantum AI startups

Here's your trivia for today: What is the FBI's motto?

GCC

LPL Financial, a US-based wealth management firm, has opened a global capability centre (GCC) in Hyderabad. This unit will support the corporation's functions including technology, operations, product development, data and analytics, and risk management.

The Hyderabad GCC is expected to enhance operational efficiency, expand back-office capacity, and accelerate innovation.

Key takeaways:

• LPL Financial is among the fastest-growing wealth management firms in the United States, supporting more than 32,000 financial advisors and the wealth management practices of nearly 1,200 financial institutions.
• Hyderabad was chosen for its advanced infrastructure and strong base of human capital with experience in financial services, technology, artificial intelligence, automation and cloud engineering.
• The company expects the Hyderabad centre to become an increasingly important capability hub, with teams supporting business, product development, technology, and operations.

Top Funding Deals of the Week

Startup: The Hosteller

Amount: Rs 150 Cr

Round: Series B

Startup: GobbleCube

Amount: $15M

Round: Series A

Startup: TraqCheck

Amount: $8M

Round: Series A

Investment

QAI Ventures' focus on quantum AI startups

QAI Ventures, the Switzerland-headquartered global early-stage venture capital firm with focus on quantum computing startups, is actively looking at having a presence in India as it believes the country has deep untapped potential in this segment.

Founded in 2023, QAI Ventures has established a presence across Europe, North America, and Asia, with investments in deeptech startups focused on quantum AI computing and its applications across multiple sectors. The firm is now actively exploring entry into the Indian market.

Key takeaways:

• QAI Ventures Founder & CEO Alexandra Beckstein says India's USP is the availability of talent in the field of quantum computing, coupled with the government's National Quantum Mission with an investment outlay of Rs 6,000 crore.
• The company is already engaged with a few leading academic institutes in the country. "We are looking for startups that come out of these research institutes that build not just for India but also for a global market," said Beckstein.
• "We reduce a startup's time towards a minimal viable product and this also reduces the time taken for the first revenues," Beckstein said, adding, "We are not a normal venture capital fund but an ecosystem builder."

News & updates

• Ceasefire impact:Iran has said the Strait of Hormuz would be "completely open" to commercial ships for the remainder of the ceasefire. The strait had been effectively shut by Iran since the conflict broke out in late February.
• iPhone shipment:Apple's iPhone shipments surged 20% in China in the first quarter-the strongest growth among major vendors-despite an overall decline ‌as rising prices of memory chips shored up costs.