Deepak Parekh, Chairman of India’s Largest Housing Finance Company

Deepak Parekh is an Indian businessman who serves as the Chairman of the Housing Development Finance Corporation (HDFC), the country’s largest housing finance corporation.

He serves as the non-executive Chairman of GlaxoSmithKline Pharmaceuticals Ltd. and Siemens Ltd and is also the director of several top companies such as Mahindra & Mahindra Ltd and the Indian Hotels Co Ltd.

Deepak Parekh was awarded the Padma Bhushan by the Government of India and he also holds the distinction of being the first international recipient of The Institute of Chartered Accountants in England and Wales’ Outstanding Achievement Award.

Physical Stats

Deepak Parekh Family

Deepak was born on 18 October 1944. He is married to Smita D Parekh and has two sons. Aditya, Deepak’s elder son is married to Mallika. The banker’s younger son Siddharth is married to Claire.

Relationships 

There are no known relationships available about Deepak in the public domain.

Education

Deepak did his schooling at St. Xavier’s High School, Fort in Mumbai. Later, he joined Sydenham College affiliated with the University of Mumbai, and completed his B.Com. In 1965, Deepak went to England to pursue a course in chartered accountancy with the ICAEW. The banker completed his articles with Whinney, Smith, and Whinney (now known as Ernst & Young) in London.

Deepak is also a Certified Associate of the Indian Institute of Bankers (CAIIB) of the Indian Institute of Banking and Finance. He cleared his ACA exams on the first attempt and was subsequently posted at the company’s consulting division Ernst & Ernst in New York.

Controversies

On December 4th, 2020, the Securities and Exchange Board of India (SEBI) issued a summary settlement notice to Deepak. This was related to an Inter-Corporate Deposit (ICD) advanced to Gliders Buildcon Realtors Pvt Ltd by HDFC Ltd.

As part of the inquiry, SEBI found out that Deepak, the Chairman failed to comply with the Code of Conduct of HDFC Ltd thus leading to a violation of the former listing agreement. However, in February 2021, Deepak settled the matter by paying a sum of Rs 9.37 lakh.

Deepak Parekh Profession

In the early days of his career, Deepak worked with Grindlays Bank, and later with Chase Manhattan Bank as its Assistant representative for South Asia. During that time Deepak’s uncle H.T. Parekh founded HDFC and convinced Deepak to join the firm.

In 1978, Deepak joined HDFC as a Deputy General Manager by taking a pay cut of 50%. Since its humble beginning in 1997 with a modest capital base of Rs.10 crore, HDFC went on to finance 9.5 million housing units by 2022 August, under the leadership of Deepak.

In his career, Deepak has worked in the capacity of advisory board member of AIESEC India and US Engineering consultancy giant, AECOM and Tribeca Developers. He has also been a member of the various committees formed by the Indian Government.

Some of them include the Reserve Bank of India’s appointment as Chairman of the Advisory Group for Securities Market Regulation and Chairman of the Expert Committee constituted by the Ministry of Power.

On June 30th, 2023, Deepak will be retiring from the post of Chairman of HDFC. This is following the merger of HDFC with HDFC Bank on July 1st as RBI’s rules on age limits do not permit Deepak to continue on the bank’s board after the merger.

Deepak Parekh Net worth

As per sources, Deepak’s net worth as of 2023 stands at $5.48 Million.

Lesser Known Facts About Deepak Parekh

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