HDFC Bank (NYSE: HDB) CEO discloses shares and stock options

Rhea-AI Filing Summary

HDFC Bank Ltd managing director and CEO Sashidhar Jagdishan has filed an initial ownership report, detailing his direct holdings in the bank’s equity. The filing shows direct ownership of 3,567,800 Equity Shares as of the reporting date, reflecting his personal stake in the company.

In addition to common shares, he reports a series of Employee Stock Options (Right to Buy) over Equity Shares at exercise prices ranging from 6.8000 to 10.2100, with expirations between 2026 and 2034. These option grants provide the right to acquire additional shares over time but do not represent any current buying or selling activity.

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^*

Jagdishan Sashidhar

(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)

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

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	3,567,800	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	130,000	$6.8(1)	D
Employee Stock Option (Right to Buy)	07/22/2026	07/22/2028	Equity Shares	48,754	$7.48(1)	D
Employee Stock Option (Right to Buy)	03/03/2024	03/03/2028	Equity Shares	103,600	$8.71(1)	D
Employee Stock Option (Right to Buy)	03/03/2025	03/03/2029	Equity Shares	103,600	$8.71(1)	D
Employee Stock Option (Right to Buy)	03/03/2026	03/03/2030	Equity Shares	103,600	$8.71(1)	D
Employee Stock Option (Right to Buy)	03/03/2027	03/03/2031	Equity Shares	103,818	$8.71(1)	D
Employee Stock Option (Right to Buy)	01/23/2025	01/23/2029	Equity Shares	104,600	$8.13(1)	D
Employee Stock Option (Right to Buy)	01/23/2026	01/23/2030	Equity Shares	104,600	$8.13(1)	D
Employee Stock Option (Right to Buy)	01/23/2027	01/23/2031	Equity Shares	104,600	$8.13(1)	D
Employee Stock Option (Right to Buy)	01/23/2028	01/23/2032	Equity Shares	104,462	$8.13(1)	D
Employee Stock Option (Right to Buy)	01/30/2026	01/30/2030	Equity Shares	106,000	$9.23(1)	D
Employee Stock Option (Right to Buy)	01/30/2027	01/30/2031	Equity Shares	106,000	$9.23(1)	D
Employee Stock Option (Right to Buy)	01/30/2028	01/30/2032	Equity Shares	106,000	$9.23(1)	D
Employee Stock Option (Right to Buy)	01/30/2029	01/30/2033	Equity Shares	106,104	$9.23(1)	D
Employee Stock Option (Right to Buy)	02/03/2027	02/03/2031	Equity Shares	107,100	$10.21(1)	D
Employee Stock Option (Right to Buy)	02/03/2028	02/03/2032	Equity Shares	107,100	$10.21(1)	D
Employee Stock Option (Right to Buy)	02/03/2029	02/03/2033	Equity Shares	107,100	$10.21(1)	D
Employee Stock Option (Right to Buy)	02/03/2030	02/03/2034	Equity Shares	107,105	$10.21(1)	D

Explanation of Responses:

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

Remarks:

Exhibit 24 - Power of Attorney Managing Director and Chief Executive Officer

	/s/ Dhanjit Thaivalappil, Attorney in fact for Jagdishan Sashidhar	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) CEO Sashidhar Jagdishan report in this Form 3?

He reports his initial beneficial ownership in HDFC Bank, including 3,567,800 Equity Shares held directly and multiple Employee Stock Options. These options give rights to buy additional shares at preset prices over future years.

How many HDFC Bank (HDB) equity shares does the CEO directly hold?

The filing shows direct ownership of 3,567,800 Equity Shares. This figure represents his personal stake in HDFC Bank’s common equity as of the reporting date, separate from stock options that provide potential future share acquisition rights.

What stock option grants are disclosed for the HDFC Bank (HDB) CEO?

He discloses multiple Employee Stock Option (Right to Buy) awards over Equity Shares, with exercise prices such as 6.8000, 8.7100, 8.1300, 9.2300, and 10.2100, expiring between 2026 and 2034.

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

No specific buy or sell transactions are identified. The entries are classified as holding records, listing existing Equity Shares and Employee Stock Options rather than new market purchases, sales, or option exercises on the reported date.

What currency detail is included in the HDFC Bank (HDB) Form 3 footnote?

A footnote states the conversion rate applied as of March 16, 2026: 1 Rs = 0.011 USD. This provides a reference for translating rupee-denominated amounts into U.S. dollars for readers using U.S. currency.

How are the HDFC Bank (HDB) CEO’s stock options structured over time?

The options are organized in tranches with different exercise dates and expiration dates from 2026 through 2034. Each tranche covers a specific number of underlying Equity Shares at a fixed exercise price stated in the filing.