Chairman - HDFC Ltd.
Born in 1944 and a Chartered Accountant from the Institute of Chartered Accountants in England & Wales (ICAEW), Mr. Deepak Parekh is at the financial helm of India Inc.
In 1978 Mr. Parekh joined India’s premier housing finance company HDFC Ltd. as Deputy General Manager and then went on to become its Chairman in 1993. HDFC’s growth in stature and strength since its inception (1977), has been achieved by a steadfast focus on sound values such as integrity, transparency and professionalism, and underpinned by a basic belief of trust by the Indian middleclass. Mr. Deepak Parekh, has not only preserved the ethos of the company, but has also strengthened it with time. His astute business acumen and farsightedness has not only made HDFC the leader in Mortgages, but also transformed it into a financial conglomerate with presence in Banking, Asset Management, Life Insurance, General Insurance, Real Estate Venture Fund and Education finance.
In 1970, Mr. Parekh began his career with Ernst & Ernst Management Consultancy Services in New York. Thereafter he worked with Grindlays Bank and Chase Manhattan Bank for about three years each prior to joining HDFC in 1978.
Besides HDFC Group Companies, Mr. Parekh is on the board of several leading corporations across diverse sectors. He is the Non-Executive Chairman in India of BAE Systems India (Services) Pvt Ltd, Glaxo Smithkline Pharmaceuticals and Siemens. He is also on the boards of Indian Hotels Company Ltd, Mahindra & Mahindra Ltd, Network18 Media and Investments ltd and international boards of DP World – UAE and Vedanta Resources plc.. He is also on the Advisory Board of several Indian corporate and MNC’s.
In addition to being known for his vociferous views seeking standardization and transparency in the real estate sector, Mr. Parekh is dubbed as the unofficial crisis consultant of the Government. Be it his role as Special Director on the Satyam Board in 2009 to revive the company or the crucial role played by him sometime back during the UTI mess (late 90s’) to recommend measures for sustaining investor confidence, Mr. Parekh has always been willing to share his ideas and experience to formulate reform policies across sectors. This at times, has also meant advising the Government to take hard decisions.
It is this quality of a master trouble-shooter that makes him a guiding force and an active member of various high-powered Economic Groups, Government-appointed Advisory Committees and Task Forces which includes infrastructure, housing, financial services, capital markets, etc. Some of the recent past committees / task forces included ; Chairman of CERC Compensation and Tariff committee, being member of the Committee to look at enhancing domestic production of oil and gas and sustainable reduction in import dependency by 2030, Chairman of High level committee on Financing Infrastructure, and Member of the subcommittee of the Prime Minister’s council on Trade & Industry for promoting Financial Inclusion, Member Bihar State Industrial Investment Advisory Council, Member of the expert group on restructuring of Hindustan Aeronautics Ltd (HAL),Expert Group to recommend ways and means to modernize Indian Railways committee to suggest ways of making Indian cities slum-free (Rajiv Awas Yojna), committee constituted to make recommendations on the issues regarding the deteriorating financial health and competitiveness of BSNL, chairmanship of the New Pension Scheme Expert Group, Chairmanship of the High Level Task Force on Affordable Housing, membership to the Investment Commission for greater FDI inflows into India, membership to Comptroller & Auditor General of India (C&AG)’s Audit Advisory Board etc.
His association with international organizations include; Indo US CEO Forum, City of London and Indo – German Chamber of Commerce.
Industry, Government and Media, impressed by Mr. Parekh’s performance and sobriety, have honored him with several awards, the Padma Bhushan (2006) being one of them.
Some of his recent prominent awards include; ‘Lifetime Achievement Award’ at Businessworld Magna awards 2014 ‘Lifetime Achievement Award’ at the NDTV Profit Business Leadership Awards 2012, ICSI Life Time Achievement award in the year 2012 for “translating excellence in corporate governance into reality” by the Institute of Company Secretaries, Lifetime Achievement Award by Bloomberg UTV in 2012, being inducted in the Hall of fame by India Today Magazine -2012 for being in their power list for 10 consecutive years, Lifetime Achievement Award’ for his exceptional contribution in developing India’s Financial Services Sector – 2012 by Ernst & Young, Life Time Achievement award by Star News at their Brand Excellence Awards 2011, Business leadership award at Lakshmipat Singhania – IIM Lucknow National Leadership awards 2011; Forbes-India person of the year 2010 as “Institution Builder” , AIMA Managing India Award 2010 for the “Outstanding Institution Builder”, Most Inspiring Business leader Award from NDTV Profit 2010, Lifetime Achievement Award by the Confederation of Real Estate Developers Associations of India (CREDAI) for his contribution to the Real Estate Industry – 2010, a special award from NDTV and CNN IBN for being part of the team that revived Satyam – 2009.
Internationally some of his recent prominent awards include, ‘Bundesverdienstkreuz’ Germany’s Cross of the Order of Merit one of the highest distinction by the Federal Republic of Germany in 2014, “Knight in the Order of the Legion of Honour” one of the highest distinction by the French Republic in 2010, First international recipient of the Outstanding Achievement Award by Institute of Chartered Accountants in England and Wales, in 2010. Recognized amongst the ‘Stars of Asia’ by Business Week in 2008, listed as one of the top 25 most influential people in business and finance across Asia-Pacific by Asiamoney, Awarded the prestigious Lifetime Achievement Award for his contribution to the Financial Sector by Finance Asia magazine – Hongkong, Chosen as the Best Non-Executive Director – 2006 by the Asian Centre for Corporate Governance in recognition of his leadership on the board of several large companies.
A man with a mission, Mr. Parekh’s philosophy on Corporate Social Responsibility (CSR) is simple yet profound. He believes that if a company earns, it must also return to the society and that companies owe a responsibility not just to shareholders, but also to all its stakeholders. This has meant nurturing every social initiative undertaken by HDFC as an investment. HDFC under his guidance has supported several social initiatives in the areas of education, child welfare, medical research, welfare for the elderly and the handicapped among several others. And in recognition of these initiatives in the areas of philanthropy and social commitment Mr. Parekh was honoured by the American India Foundation in 2007.