HDFC Bank (NYSE: HDB) director reports substantial shares and options

Rhea-AI Filing Summary

HDFC BANK LTD director Bharucha Kaizad has filed an initial ownership report detailing his holdings in the bank’s equity and employee stock options. He directly holds 4,586,082 Equity Shares and has an additional 2,000 Equity Shares held indirectly through his spouse.

He also reports multiple Employee Stock Option awards, each linked to specific numbers of underlying Equity Shares, with exercise prices from 6.8000 to 10.3900 per share and expiration dates ranging from 2026 through 2034.

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^*

Bharucha Kaizad

(Last) (First) (Middle)

HDFC BANK LIMITED, BANK HOUSE

SENAPATI BAPAT MARG, LOWER PAREL

(Street)

MUMBAI INDIA 400013

(City) (State) (Zip)

INDIA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

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

3a. Foreign Trading Symbol
[HDFCBANK]

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

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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	4,586,082	D
Equity Shares	2,000	I	Spouse

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	66,000	$6.8(1)	D
Employee Stock Option (Right to Buy)	04/12/2025	04/12/2027	Equity Shares	60,400	$8.21(1)	D
Employee Stock Option (Right to Buy)	04/12/2026	04/12/2028	Equity Shares	60,260	$8.21(1)	D
Employee Stock Option (Right to Buy)	03/03/2024	03/03/2028	Equity Shares	54,800	$8.71(1)	D
Employee Stock Option (Right to Buy)	03/03/2025	03/03/2029	Equity Shares	54,800	$8.71(1)	D
Employee Stock Option (Right to Buy)	03/03/2026	03/03/2030	Equity Shares	54,800	$8.71(1)	D
Employee Stock Option (Right to Buy)	03/03/2027	03/03/2031	Equity Shares	55,164	$8.71(1)	D
Employee Stock Option (Right to Buy)	01/23/2025	01/23/2029	Equity Shares	63,400	$8.13(1)	D
Employee Stock Option (Right to Buy)	01/23/2026	01/23/2030	Equity Shares	63,400	$8.13(1)	D
Employee Stock Option (Right to Buy)	01/23/2027	01/23/2031	Equity Shares	63,400	$8.13(1)	D
Employee Stock Option (Right to Buy)	01/23/2028	01/23/2032	Equity Shares	63,652	$8.13(1)	D
Employee Stock Option (Right to Buy)	05/10/2026	05/10/2030	Equity Shares	65,200	$10.39(1)	D
Employee Stock Option (Right to Buy)	05/10/2027	05/10/2031	Equity Shares	65,200	$10.39(1)	D
Employee Stock Option (Right to Buy)	05/10/2028	05/10/2032	Equity Shares	65,200	$10.39(1)	D
Employee Stock Option (Right to Buy)	05/10/2029	05/10/2033	Equity Shares	64,812	$10.39(1)	D
Employee Stock Option (Right to Buy)	02/03/2027	02/03/2031	Equity Shares	90,800	$10.21(1)	D
Employee Stock Option (Right to Buy)	02/03/2028	02/03/2032	Equity Shares	90,800	$10.21(1)	D
Employee Stock Option (Right to Buy)	02/03/2029	02/03/2033	Equity Shares	90,800	$10.21(1)	D
Employee Stock Option (Right to Buy)	02/03/2030	02/03/2034	Equity Shares	90,839	$10.21(1)	D

Explanation of Responses:

1. Conversion rate as on March 17, 2026 applied : 1Rs = 0.011 USD

Remarks:

Exhibit 24 - Power of Attorney Deputy Managing Director The equity shares of the Bank are also listed on BSE - 500180

	/s/ Dhanjit Thaivalappil, Attorney in fact for Bharucha Kaizad	03/18/2026
	** 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.
* Form 3: SEC 1473 (03-26)

FAQ

What does the HDFC BANK LTD (HDB) Form 3 filing show for Bharucha Kaizad?

The Form 3 shows that director Bharucha Kaizad reports existing holdings in HDFC BANK LTD, including direct Equity Shares and multiple Employee Stock Options. It is an initial ownership statement, not a record of new share purchases or sales.

How many HDFC BANK LTD equity shares does Bharucha Kaizad directly hold?

Bharucha Kaizad directly holds 4,586,082 Equity Shares of HDFC BANK LTD. This figure reflects his reported direct ownership position as of the Form 3 filing date, separate from any shares that may be held through related persons.

What indirect HDFC BANK LTD shareholding is reported for Bharucha Kaizad’s spouse?

The filing reports 2,000 Equity Shares held indirectly under the ownership category “Spouse.” This indicates an additional small equity interest associated with Bharucha Kaizad through his spouse, distinct from his much larger directly held share position.

What stock options does Bharucha Kaizad report in the HDFC BANK LTD Form 3?

He reports multiple Employee Stock Option positions, each giving a right to buy HDFC BANK LTD Equity Shares. These options cover tens of thousands of underlying shares per grant, with exercise prices between 6.8000 and 10.3900 per share and expirations extending to 2034.

Over what period do Bharucha Kaizad’s reported HDFC BANK LTD options expire?

The reported Employee Stock Options have expiration dates running from 2026 through 2034. Each option series lists a specific expiration date, reflecting a staggered long-term schedule for potential exercise into HDFC BANK LTD Equity Shares over several years.

Does the HDFC BANK LTD (HDB) Form 3 indicate insider buying or selling activity?

The Form 3 presents holdings information only and shows transaction codes as unknown, with zero buy or sell counts in the transaction summary. It functions as an initial ownership snapshot, not a disclosure of recent market purchases or sales.