PhonePe has announced a significant leadership change with Binny Bansal, co-founder of Flipkart, stepping down from its Board of Directors. Simultaneously, the fintech company has appointed Manish Sabharwal, Vice-Chairman of staffing firm TeamLease Services, as an Independent Director and Chair of its Audit Committee.

Leadership Transition

In his new role, Manish Sabharwal will oversee the integrity and effectiveness of PhonePe’s financial reporting, internal controls, and risk management processes. His extensive experience in the finance and staffing sectors positions him well to guide PhonePe through its next phase of growth.

Acknowledgment of Contributions

Sameer Nigam, CEO and Founder of PhonePe, expressed gratitude to Binny Bansal for his critical contributions to the company:

“Binny has been one of PhonePe’s earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. He will be missed!”

Welcoming Manish to the board, Nigam added:

“Manish’s exceptional understanding of India’s macroeconomy and his leadership in shaping policies around education, employment, and employability will be instrumental as PhonePe moves forward with its vision for a Viksit Bharat by 2047.”

Manish Sabharwal’s Credentials

Manish Sabharwal brings a wealth of experience to PhonePe’s board. His notable credentials include:

• Independent Director on the Reserve Bank of India’s Board: Providing oversight on monetary policy and financial stability.
• Member of the Advisory Board: Serving on the Advisory Board of the Comptroller and Auditor General (CAG) in India.
• Governing Board Member: Active participation in the National Council of Applied Economic Research (NCAER), contributing to economic research and policy formulation.

These roles highlight his deep understanding of economic frameworks and governance, which will be beneficial for PhonePe as it navigates regulatory landscapes.

Strategic Timing

This leadership change coincides with PhonePe’s recent reverse-flip to India, a strategic move aimed at aligning its operations with its commitment to the Indian market. The reverse-flip involved shifting its corporate structure back from Singapore to India, reinforcing its focus on local growth and compliance.

Future Outlook

The addition of Manish Sabharwal is expected to bolster PhonePe’s strategic capabilities as it continues to expand its footprint in the fintech ecosystem. With plans to go public in the coming years, strong governance will be crucial for building investor confidence.

Conclusion

Zomato’s inclusion in the Sensex is a significant milestone, reflecting the growing influence of tech-driven, new-age companies in India’s financial markets. As it joins the ranks of established blue-chip companies, this move is expected to attract more institutional investments and enhance its visibility among investors. The changes to various indices highlight an evolving landscape in India’s stock market, where innovative companies are gaining recognition alongside traditional industries.

Food delivery giant Zomato is set to replace JSW Steel in the 30-share BSE Sensex, marking a historic moment as it becomes the first new-age company to enter the benchmark index. This change, announced by BSE’s subsidiary Asia Index Pvt Ltd, will take effect on December 23, 2024. The reconstitution also includes updates to indices like BSE 100, BSE Sensex 50, and BSE Sensex Nifty 50.

Zomato’s Entry: A Milestone Achievement

Zomato’s inclusion in the Sensex comes after an impressive rally in its stock over the past year, delivering a remarkable 130% return. In comparison, the Sensex has posted a 12-month return of 20%. On the last trading day before the announcement, Zomato’s stock closed at ₹264.15 per share, down by 0.97%.

Performance Comparison

• Zomato: 130% return over the past year.
• Sensex: 20% return over the same period.
• JSW Steel: Recorded a 27% gain in the last year.

Other Key Changes in Indices

In addition to Zomato’s entry into the Sensex, several other changes are being made across different indices:

New Entrants to BSE 100

The BSE 100 index will see six new entrants:

• Jio Financial Services
• Suzlon Energy
• Adani Green Energy
• Adani Power
• Samvardhana Motherson International
• PB Fintech

These will replace:

• Ashok Leyland
• PI Industries
• IDFC First Bank
• IRCTC
• UPL
• APL Apollo Tubes

Changes in BSE Sensex 50

In the BSE Sensex 50 index, Zomato, Jio Financial Services, and Hindustan Aeronautics Limited (HAL) will replace:

• HDFC Life Insurance Company
• Bharat Petroleum Corporation (BPCL)
• LTIMindtree

Expansion of Futures and Options Contracts

BSE also announced the introduction of futures and options (F&O) contracts for 43 stocks, starting from December 13, 2024. Major names entering the F&O segment include:

• Adani Energy Solutions
• Adani Green Energy
• Adani Total Gas
• One97 Communications (Paytm)
• Yes Bank
• Avenue Supermarts (DMart)
• Life Insurance Corporation of India (LIC)
• Zomato
• Jio Financial Services

Governance Update

In a circular released after market hours, BSE confirmed that the Securities and Exchange Board of India (SEBI) has approved Subhasis Chaudhuri as the new Chairman of the exchange’s Governing Board.

Conclusion

Zomato’s inclusion in the Sensex is a significant milestone, reflecting the growing influence of tech-driven, new-age companies in India’s financial markets. As it joins the ranks of established blue-chip companies, this move is expected to attract more institutional investments and enhance its visibility among investors. The changes to various indices highlight an evolving landscape in India’s stock market, where innovative companies are gaining recognition alongside traditional industries.

After a significant upgrade to Siri with iOS 18 earlier this year, Apple is reportedly working on a groundbreaking version of its voice assistant, designed to rival OpenAI’s ChatGPT and Google’s Gemini. According to Bloomberg’s Mark Gurman, this new Siri will utilize an advanced large language model (LLM) to enable smoother back-and-forth conversations and handle complex requests more efficiently.

What is ‘LLM Siri’?

The revamped voice assistant, referred to internally as ‘LLM Siri,’ is being developed to replace the current version of Siri. It is expected to deliver enhanced conversational abilities and improved processing speeds, marking a major leap forward in voice assistant technology.

Key Features of LLM Siri

• Conversational Abilities: The new Siri aims to engage in more natural and human-like conversations, allowing users to interact with the assistant more intuitively.
• Complex Request Handling: Enhanced capabilities will enable Siri to manage sophisticated queries and tasks that go beyond simple commands.
• Integration with Apple Intelligence: LLM Siri will leverage features from Apple’s AI initiatives, including personalized responses based on user data.

Apple plans to unveil this conversational Siri as part of the iOS 19 and macOS 16 updates, which are codenamed “Luck” and “Cheer.” These updates are slated for release in 2025, but the new Siri is likely to roll out in Spring 2026, rather than alongside the anticipated iPhone 17.

What Could ‘LLM Siri’ Offer?

The upcoming overhaul of Siri is anticipated to deliver a more intuitive and advanced AI experience, comparable to systems like ChatGPT or Gemini. Apple, known for prioritizing user privacy, is reportedly developing these capabilities in-house, ensuring stronger safeguards for personal data.

Privacy Considerations

Apple has emphasized that while it is enhancing Siri’s capabilities, it remains committed to user privacy. The LLM will be designed to process data on-device whenever possible, minimizing reliance on cloud processing and enhancing security.

Despite these advancements, Apple is unlikely to discontinue support for third-party AI integrations. Currently, ChatGPT is accessible via Siri, and Apple plans to expand compatibility with additional AI chatbots in the future.

Algorithmic Enhancements

The new Siri will utilize advanced algorithms that allow it to understand context better and respond more accurately. This includes:

• App Intents: Expanded use of App Intents will allow for more precise control of third-party apps.
• Contextual Awareness: The assistant will be able to consider user context—such as location and calendar events—to provide relevant responses.

Timeline for Release

• Announcement: The new LLM Siri is expected to be announced alongside iOS 19 and macOS 16 at Apple’s annual Worldwide Developers Conference (WWDC) in June 2025.
• Public Launch: The public release of LLM Siri may occur in Spring 2026, following internal testing phases.

Conclusion

Apple’s anticipated revamp of Siri with the introduction of ‘LLM Siri’ represents a significant shift towards more advanced conversational AI. As the company seeks to catch up with competitors like OpenAI and Google, this initiative underscores Apple’s commitment to enhancing user experience while maintaining a strong focus on privacy. With these developments on the horizon, users can look forward to a more capable and interactive voice assistant that aligns with modern expectations for digital communication.