HDFC Bank (NYSE: HDB) compliance head details equity and option stakes

Rhea-AI Filing Summary

HDFC Bank Ltd Group Head – Compliance Rakesh Kumar Rajput has filed an initial ownership report listing his equity interests in the bank. The Form 3 shows direct holdings of 2,400 Equity Shares.

He also reports multiple Employee Stock Options (Right to Buy) over Equity Shares, with individual grants covering 12,600, 17,000, 23,600 and other blocks of underlying shares at exercise prices ranging from 7.0800 to 10.6300 per share. These options expire between 2026 and 2033 and were translated using a conversion rate of 1 INR to 0.011 USD as of March 16, 2026.

The entry reflects existing option and share holdings rather than new market purchases or sales, giving investors a baseline view of this executive’s equity-linked compensation and ownership position.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

RAJPUT RAKESH KUMAR

(Last) (First) (Middle)

HDFC BANK LIMITED, HDFC BANK HOUSE

SENAPATI BAPAT MARG, LOWER PAREL (WEST)

(Street)

MUMBAI K7 400013

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
HDFC BANK LTD [ HDB ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Group Head - Compliance

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Equity Shares	2,400	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	05/19/2024	05/19/2026	Equity Shares	12,600	$7.08(1)	D
Employee Stock Option (Right to Buy)	05/19/2025	05/19/2027	Equity Shares	12,600	$7.08(1)	D
Employee Stock Option (Right to Buy)	05/19/2026	05/19/2028	Equity Shares	12,200	$7.08(1)	D
Employee Stock Option (Right to Buy)	09/13/2024	09/13/2028	Equity Shares	17,000	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2025	09/13/2029	Equity Shares	17,000	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2026	09/13/2030	Equity Shares	17,000	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2027	09/13/2031	Equity Shares	16,640	$9(1)	D
Employee Stock Option (Right to Buy)	10/29/2025	10/29/2029	Equity Shares	23,600	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2026	10/29/2030	Equity Shares	23,600	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2027	10/29/2031	Equity Shares	23,600	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2028	10/29/2032	Equity Shares	23,260	$9.54(1)	D
Employee Stock Option (Right to Buy)	09/18/2026	09/18/2030	Equity Shares	12,300	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2027	09/18/2031	Equity Shares	16,400	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2028	09/18/2032	Equity Shares	20,500	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2029	09/18/2033	Equity Shares	32,670	$10.63(1)	D

Explanation of Responses:

1. Conversion rate as on March 16, 2026 applied : 1Rs = 0.011 USD

Remarks:

Exhibit 24 - Power of Attorney Group Head - Compliance

	/s/ Dhanjit Thaivalappil, Attorney in fact for Rajput Rakesh Kumar	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does HDFC Bank (HDB) executive Rakesh Kumar Rajput report in this Form 3?

He reports his initial beneficial ownership in HDFC Bank, including 2,400 Equity Shares held directly and multiple Employee Stock Options over Equity Shares. The options provide rights to buy shares at preset exercise prices with expirations between 2026 and 2033.

How many HDFC Bank (HDB) Equity Shares does the compliance head hold directly?

The Form 3 shows direct ownership of 2,400 Equity Shares. In addition, he holds several tranches of Employee Stock Options over Equity Shares, which represent potential future share ownership if exercised, but those options are separate from the current 2,400 share holding.

What stock option grants are disclosed for HDFC Bank (HDB) in this Form 3?

The filing lists multiple Employee Stock Options (Right to Buy) over Equity Shares, including grants with 12,600, 17,000, 23,600 and other blocks of underlying shares. Each grant has its own exercise price and expiration date extending out to 2033.

What are the exercise prices on the HDFC Bank (HDB) options held by the executive?

Exercise prices on the reported Employee Stock Options range from 7.0800 to 10.6300 per share. A footnote states that a conversion rate of 1 Indian rupee to 0.011 U.S. dollars as of March 16, 2026 was applied for these figures.

Does this HDFC Bank (HDB) Form 3 show any insider buying or selling activity?

No new buying or selling transactions are indicated. All entries are coded as holdings, meaning the Form 3 simply records the executive’s existing Equity Share and Employee Stock Option positions rather than reporting fresh market trades or option exercises.

Why is this HDFC Bank (HDB) Form 3 important for investors?

It establishes a baseline of the compliance head’s equity exposure through direct shares and stock options. Understanding how many Equity Shares and Employee Stock Options an executive holds helps investors assess alignment between management incentives and shareholder interests over time.