Mr. Deepak S Parekh FCA, Chairman of the Housing Development Finance Corporation (HDFC), India?s first and largest mortgage company, has become the first international recipient of The Institute of Chartered Accountants in England and Wales? (ICAEW) Outstanding Achievement Award.

Mr. Parekh received the ICAEW?s accolade for 2010 in recognition of his outstanding contribution over many years to the finance and accountancy profession. During a long and distinguished career, this has included his work on the Government of India’s Investment Commission, membership of various other Committees set up by the Government of India, his Chairmanship of HDFC Limited and his non executive Director roles in other significant entities.

Sir Michael Lickiss, Chairman of the Selection Committee, said: ?Deepak Parekh?s achievements and the breadth and depth of his influence on the financial sector and business in general in India are phenomenal. Wherever business acumen, experience, insight and intelligence are required, his name is guaranteed to appear at the top of the list. It is a privilege to be able to recognise the contribution he has made to the international accountancy profession as the first international recipient of the outstanding achievement award.?

In accepting his award from the ICAEW, Mr. Parekh said:

?It is an absolute honour. I am overwhelmed and delighted to be the first international recipient of this prestigious award. I have always been passionate about finance & accountancy and nothing can be more gratifying than receiving my maiden award in this field from my alma mater, the Institute of Chartered Accountants in England & Wales. I owe my solid foundation in this complex subject to the training and guidance provided by the Institute. I have perhaps been able to contribute in some measure due to the unrelenting support of my peers and colleagues and recognition of this is indeed reassuring.?

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.”