He joined HDFC in a senior management position in 1978, was inducted as a full-time director of the Corporation in 1985 and was appointed Chairman in 1993.
A renowned Indian business personality and a specialist in the world of finance, he has been a member of various Committees set up by the Government of India.
Mr. Parekh has also won several awards including Businessman of the Year 1996 (Business India), the JRD Tata Corporate Leadership Award from the All India Management Association (AIMA) in 1997, was chosen as the 'Best Non-Executive Director – 2006' by the Asian Centre for Corporate Governance in recognition of his leadership on the board of several large companies and was the youngest recipient of the prestigious Corporate Award for Life Time Achievement by The Economic Times in 2006.
He was also conferred "Padma Bhushan" in 2006 by the Government of India, one of its highest civilian honours. He has been dubbed as one of the 'Stars of Asia' by Business Week, listed as one of the top 25 most influential people in business and finance across Asia-Pacific by Asia Money and awarded the prestigious Lifetime Achievement Award by Finance Asia in 2008. He was also recognised for his work in the areas of philanthropy and social commitment by the American India Foundation in 2007.
The award will be presented at the ICAEW Annual Dinner at Chartered Accountants' Hall in London on 2 March 2010.
Martin Hagen, President of the ICAEW, commented: "I extend my warmest congratulations to Deepak Parekh for winning the Institute's most prestigious award. It is a reflection of the truly global reach of the ICAEW with over 15,000 of our members living and working outside the UK. I hope that the news of Mr. Parekh's recognition will encourage more young aspiring accountants based around the world to seriously consider training for the ACA, one of the few truly global chartered accountancy qualifications available today."
Media enquiries:
Contact Sonia Kenson, ICAEW press office, on 0207 920 8837 or email sonia.kenson@icaew.com
Notes to editors:
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Deepak Parekh
After attending St Xavier's College in Mumbai for a Bachelor of Commerce degree from Bombay University and obtaining his Chartered Accountancy qualification in England, Deepak Parekh began his career with Ernst & Young Management Consultancy Services in New York. After returning to India, he worked with Grindlays Bank and also Chase Manhattan Bank as its assistant representative for South Asia before joining HDFC Ltd in 1978.
Besides the HDFC Group Companies, Mr. Parekh is on the board of several leading corporations across diverse sectors. He is the Non-Executive Chairman of GlaxoSmithKline Pharmaceuticals, Infrastructure Development Finance Company (IDFC), Lafarge India and Siemens India Ltd. He is also on the Indian boards of Castrol BP India, Hindustan Unilever, Mahindra & Mahindra, Indian Hotels Company Limited and international boards of SingTel (Singapore) and WNS (USA).
Mr. Parekh was also nominated by the Civil Aviation Ministry to the Board of Airports Authority of India. It is this quality of a trouble-shooter that makes him a guiding force and an active member of various high-powered Economic Groups, Government-appointed Advisory Committees and Task Forces.
Some of his roles include:
- Membership of a high level committee constituted in 2010 by the Government of India to make recommendations on the issues regarding the deteriorating financial health and competitiveness of BSNL.
- Investment Commission for advice on FDI policies and procedures to attract higher foreign investment in India.
- Expert Group for recommending investment norms for New Pension Scheme (NPS) launched by the Pension Fund Regulatory & Development Authority.
- High Level Task Force on affordable housing;
- Member of the Audit Advisory Board constituted by the Comptroller & Auditor General of India (C&AG);
- Task Force on Infrastructure constituted by the Prime Minister's Office with the aim of attracting investments in specific projects of national and regional importance, and ensuring timely completion;
- Chairman of the Expert Committee constituted by the Ministry of Power to look into the reform efforts in the power sector
- Chairman of the Advisory Group formed by The Reserve Bank of India for Securities Market Regulation, which was tasked to compare the level of adherence to international standards in India with that in other countries.
He was named one of the Government- appointed Independent Directors of the troubled IT company Satyam Computer Services in January 2009 and he was also Chairman of the high level expert committee formed to recommend measures for strengthening the Unit Scheme - 1964.
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The ICAEW Award for Outstanding Achievement is made every year to a member of the Institute of Chartered Accountants in England & Wales in recognition of an outstanding contribution in any field of endeavour. It was introduced in 1980 by the four Founding Societies who originally came together to form the Institute. The selection committee is made up of Founding Society representatives, captains of industry and other public figures.
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The selection committee of the Outstanding Achievement award is made up of representatives of the Founding Societies, captains of industry and other public figures.
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As a world leading professional accountancy body, the Institute of Chartered Accountants in England and Wales (ICAEW) provides leadership and practical support to over 135,000 members in more than 160 countries, working with Government, regulators and industry in order to ensure the highest standards are maintained.
Our members provide financial knowledge and guidance based on the highest technical and ethical standards. They are trained to challenge people and organisations to think and act differently, to provide clarity and rigour, and so help create and sustain prosperity. The ICAEW ensures these skills are constantly developed, recognised and valued.
Because of us, people can do business with confidence.
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The ICAEW is a founding member of the Global Accounting Alliance with over 700,000 members worldwide.
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