HDFC Bank (NYSE: HDB) executive details extensive employee stock options

Rhea-AI Filing Summary

HDFC Bank Ltd executive Gourab Roy, Group Head - Operations, has filed an initial insider report detailing his existing employee stock options, which give him the right to buy the bank’s equity shares at preset prices over several years.

The filing lists multiple option grants with exercise prices of $6.80, $7.85, $9.00, $9.54, and $10.63 per share and expiration dates ranging from 2026 to 2033, each tied to specific blocks of underlying equity shares. It also shows that he currently holds no equity shares directly, only these option positions.

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^*

Roy Gourab

(Last) (First) (Middle)

HDFC BANK LIMITED, BANK HOUSE

SENAPATI BAPAT MARG, LOWER PAREL

(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 - Operations

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	0	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)	10/24/2024	10/24/2026	Equity Shares	54,400	$6.8(1)	D
Employee Stock Option (Right to Buy)	07/31/2024	07/31/2026	Equity Shares	21,800	$7.85(1)	D
Employee Stock Option (Right to Buy)	07/31/2025	07/31/2027	Equity Shares	21,400	$7.85(1)	D
Employee Stock Option (Right to Buy)	09/26/2023	09/26/2027	Equity Shares	18,800	$7.85(1)	D
Employee Stock Option (Right to Buy)	09/26/2024	09/26/2028	Equity Shares	18,800	$7.85(1)	D
Employee Stock Option (Right to Buy)	09/26/2025	09/26/2029	Equity Shares	18,800	$7.85(1)	D
Employee Stock Option (Right to Buy)	09/26/2026	09/26/2030	Equity Shares	18,600	$7.85(1)	D
Employee Stock Option (Right to Buy)	09/13/2024	09/13/2028	Equity Shares	18,800	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2025	09/13/2029	Equity Shares	18,800	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2026	09/13/2030	Equity Shares	18,800	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2027	09/13/2031	Equity Shares	18,760	$9(1)	D
Employee Stock Option (Right to Buy)	10/29/2025	10/29/2029	Equity Shares	34,600	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2026	10/29/2030	Equity Shares	34,600	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2027	10/29/2031	Equity Shares	34,600	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2028	10/29/2032	Equity Shares	34,520	$9.54(1)	D
Employee Stock Option (Right to Buy)	09/18/2026	09/18/2030	Equity Shares	18,400	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2027	09/18/2031	Equity Shares	24,600	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2028	09/18/2032	Equity Shares	30,700	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2029	09/18/2033	Equity Shares	49,140	$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 - Operations

	/s/ Dhanjit Thaivalappil, Attorney in fact for Roy Gourab	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 Gourab Roy report in this Form 3?

He reports his existing employee stock option holdings, not new trades. The filing lists several grants giving rights to buy equity shares at fixed prices, with expirations between 2026 and 2033, and confirms he currently holds no HDFC Bank equity shares directly.

Does the HDFC Bank (HDB) Form 3 show Gourab Roy buying or selling shares?

No, it does not show any share purchases or sales. The entries are classified as holdings of employee stock options, meaning they simply disclose existing rights to buy equity shares rather than new market transactions in HDFC Bank stock.

What types of securities are disclosed for Gourab Roy in HDFC Bank (HDB)?

He discloses “Employee Stock Option (Right to Buy)” awards linked to HDFC Bank equity shares. Each grant specifies an exercise price, an exercise date, and an expiration date, along with the number of underlying equity shares covered by that particular option grant.

What exercise prices are shown for HDFC Bank (HDB) options held by Gourab Roy?

The filing lists option exercise prices of $6.80, $7.85, $9.00, $9.54, and $10.63 per share. Each price applies to a distinct option grant, with its own block of underlying equity shares and a separate expiration date extending out as far as 2033.

Does Gourab Roy directly own any HDFC Bank (HDB) equity shares in this report?

The report shows zero directly held equity shares. One line item for “Equity Shares” lists a total of 0.0000 shares following the report date, indicating his current exposure comes solely through employee stock options rather than direct share ownership.

How long do HDFC Bank (HDB) options reported by Gourab Roy remain outstanding?

The options have staggered expirations from 2026 through 2033. This schedule means his rights to buy HDFC Bank equity shares extend over many years, with different tranches of options potentially becoming exercisable and then expiring at various future dates.