Below is a comprehensive, Company Profile about HDFC Asset Management Company Limited (HDFC AMC).
1. Company Profile
HDFC Asset Management Company Limited (“HDFC AMC”) is a leading Indian asset manager incorporated on December 10, 1999. Headquartered in Mumbai at HDFC House, 2nd Floor, H.T. Parekh Marg, Backbay Reclamation, Churchgate, HDFC AMC acts as the investment manager to HDFC Mutual Fund, one of India’s largest mutual funds. As of March 31, 2025, HDFC AMC reported a closing Assets Under Management (AUM) of over ₹ 7.5 trillion, serving more than 13.2 million unique investors across 23.3 million live accounts through a network of 280 offices and 95,000 distribution partners nationwide .
HDFC AMC offers a comprehensive suite of products and services, including:
- Mutual Fund Schemes (Equity, Debt, Liquid, Hybrid, Multi-Asset, and Passive Index Funds)
- Portfolio Management Services (PMS)
- Alternative Investment Funds (AIFs)
- International Business (via its wholly owned subsidiary in GIFT City)
HDFC AMC’s platform comprises:
- Active and Passive Mutual Funds across diverse asset classes
- PMS and AIF offerings tailored to high-net-worth investors and institutions
- HDFC AMC International (IFSC) Limited in the Gujarat International Finance Tech-City (GIFT City), which provides investment management and advisory services to global and Indian investors under the IFSCA framework .
Key metrics (FY 2024–25):
- Closing AUM: ₹ 7.54 trillion (Equity-oriented: ₹ 5.04 trillion; Non-equity: ₹ 2.50 trillion)
- Monthly Average AUM (MAAUM): ₹ 7.48 trillion (Equity-oriented schemes: ₹ 4.54 trillion)
- Market Share: 11.5% of total AUM; 12.9% in actively managed equity; 13.1% in debt; 11.9% in liquid; 13.2% of individual investor MAAUM
- Unique Investors: 13.2 million; Live Accounts: 23.3 million
- Distribution network: 280 offices and 95,000 distribution partners
- Product Suite: Over 100 products (including 46 equity-oriented, 32 debt-oriented, 2 liquid, and 25 “Others” such as ETFs, Arbitrage, and FoFs investing overseas)
Holding Company: On July 1, 2023, following the amalgamation of HDFC Ltd. into HDFC Bank Limited, HDFC Bank became the holding company and promoter of HDFC AMC, holding 52.47% of equity share capital as of March 31, 2025 .
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2. Company History
HDFC AMC’s journey over the past quarter-century can be divided into four broad phases:
2.1 Early Years and Foundation (1999–2005)
- 1999: HDFC AMC was incorporated under the Companies Act, 1956, to act as the Asset Management Company for HDFC Mutual Fund, with regulatory approval granted by SEBI on July 3, 2000.
- 2000: HDFC Mutual Fund was registered with SEBI and launched three New Fund Offers (NFOs), raising ₹ 550 crore. HDFC AMC’s AUM crossed ₹ 1 lakh crore by 2009, marking its entry into the top tier of Indian asset managers.
2.2 Expanding Scale and Reach (2006–2015)
- 2002: Launched its first index funds.
- 2003: Acquired Zurich Mutual Fund schemes.
- 2006: Team expanded to 100 members, bolstering distribution and research capabilities.
- 2009: AUM crossed ₹ 1 lakh crore.
- 2011: Introduced the HDFC Debt Fund for Cancer Cure.
- 2014: Acquired Morgan Stanley Mutual Fund schemes, strengthening its product portfolio.
- 2016: AUM crossed ₹ 2 lakh crore, reflecting robust growth.
2.3 Accelerating Growth (2016–2020)
- 2018: Listed on BSE and NSE; AUM reached ₹ 3 lakh crore.
- 2020: Surpassed ₹ 4 lakh crore AUM; forayed into alternatives business; incorporated HDFC AMC International (IFSC) Limited in GIFT City, expanding its global footprint.
2.4 Expanding Offerings and Market Leadership (2021–2025)
- 2021: Enhanced technology and digital infrastructure to drive scale, security, and investor engagement.
- 2022: Wholly owned subsidiary HDFC AMC International (IFSC) Limited commenced operations, offering AIFs and PMS services to international investors; AUM crossed ₹ 5 lakh crore.
- 2023: Became a signatory to United Nations Principles for Responsible Investing (UN PRI).
- 2024: Crossed 1 crore unique investors, launched over 100 products, opened 24 new offices in a single day, and achieved ₹ 7.5 lakh crore AUM.
- 2025: Added 25 new offices in one day to reach 280 offices, serving nearly one-fourth of India’s mutual fund investors; 95,000+ distribution partners; AUM of ₹ 7.5 lakh crore.
These milestones underscore HDFC AMC’s trajectory from a nascent AMC in 1999 to a market-leading asset manager by 2025 .
3. Products and Services
HDFC AMC offers an extensive suite of products and services engineered to meet diverse investor needs, divided into four primary verticals:
- Mutual Funds (Active & Passive)
- Alternative Investment Funds (AIFs) and Portfolio Management Services (PMS)
- International Business (HDFC AMC International (IFSC) Limited)
- Digital Platforms and Value-Added Services
3.1 Mutual Fund Offerings
3.1.1 Equity-Oriented Schemes (66.8% of Total AUM)
- Large Cap
- HDFC Large & Mid Cap Fund
- HDFC Top 100 Fund (renamed HDFC Large Cap Fund)
- Mid Cap & Small Cap
- HDFC Mid-Cap Opportunities Fund
- HDFC Small Cap Fund
- Flexi Cap
- HDFC Flexi Cap Fund
- Sector/Thematic
- HDFC Sensex Index Fund
- HDFC Nifty 50 Index Fund
- HDFC BSE Sensex Index Fund
- HDFC Nifty100 Low Volatility 30 Index Fund
- HDFC Nifty Next 50 Index Fund
- HDFC Nifty Midcap 150 Index Fund
- HDFC Nifty Smallcap 250 Index Fund
- HDFC Nifty Large Midcap 250 Index Fund
- Hybrid
- HDFC Hybrid Equity Fund
- HDFC Balanced Advantage Fund
- Other Equity Variants
- HDFC Equity Fund
- HDFC Long Term Advantage Fund
- HDFC Banking & Financial Services Fund
- HDFC Infrastructure Fund
3.1.2 Debt-Oriented Schemes (20.7% of Total AUM)
- Short Duration & Money Market
- HDFC Short Term Debt Fund
- HDFC Low Duration Fund
- HDFC Money Market Fund
- Corporate Bond & Income
- HDFC Corporate Bond Fund
- HDFC Banking & PSU Debt Fund
- Dynamic Bond
- HDFC Dynamic Bond Fund
- Gilt Funds
- HDFC Gilt Fund
3.1.3 Liquid Schemes (7.9% of Total AUM)
- HDFC Liquid Fund
- HDFC Cash Management Fund
3.1.4 Others (4.6% of Total AUM)
- Exchange-Traded Funds (ETFs) & Index Funds (44 ETFs & Index Funds with AUM of ₹ 57,000 crore)
- HDFC Nifty 50 Index Fund
- HDFC BSE 500 Index Fund
- HDFC Nifty India Digital Index Fund
- HDFC NIFTY200 Momentum 30 Index Fund
- HDFC NIFTY100 Quality 30 Index Fund
- HDFC Nifty Top 20 Equal Weight Index Fund
- HDFC NIFTY G-Sec Apr 2029 Index Fund
- HDFC Nifty G-Sec Jun 2027 Index Fund
- HDFC Nifty G-Sec Dec 2026 Index Fund
- HDFC Nifty G-Sec Jul 2031 Index Fund
- HDFC Nifty G-Sec Jun 2036 Index Fund
- Arbitrage Funds
- Fund of Funds Investing Overseas
3.1.5 New Fund Offers (NFOs) in FY 2024–25
- HDFC Manufacturing Fund
- HDFC Nifty100 Low Volatility 30 Index Fund
- HDFC Nifty500 Multicap 50:25:25 Index Fund
- HDFC Nifty Large Midcap 250 Index Fund
- HDFC Nifty India Digital Index Fund
- HDFC Nifty100 Quality 30 Index Fund
- HDFC Nifty Top 20 Equal Weight Index Fund
3.2 Alternative Investment Funds and Portfolio Management Services
3.2.1 AIFs (Category II & III)
- HDFC AMC AIF-II (Category II AIF Fund of Funds)
- HDFC AMC Structured Credit AIF–I (Category II Structured Credit Fund)
- HDFC AMC International (IFSC) Limited (Category III AIFs under IFSCA)
- HDFC India Flexi Cap Fund
- HDFC India Balanced Advantage Fund
- HDFC India Mid-Cap Opportunities Fund
- (In process: HDFC India Small Cap Fund; HDFC India Nifty 50 Fund; HDFC India Asset Allocator Fund)
3.2.2 Portfolio Management Services (PMS)
- Domestic PMS: Discretionary & Non-Discretionary
- International PMS: HDFC AMC International (IFSC) Limited caters to global investors seeking exposure to Indian markets
3.3 International Business
HDFC AMC International (IFSC) Limited was incorporated on May 27, 2022, as a wholly owned subsidiary under IFSCA.
- Offering: AIFs and PMS to non-resident and resident investors under LRS/OPI.
- Assets Under Management (AUM): US $ 146.89 million as of March 31, 2025 (50 active accounts) .
- Empanelled Distributors: 250+ (Mutual fund distributors, banks, foreign distributors).
- Funds Launched in FY 2024-25:
- HDFC India Flexi Cap Fund
- HDFC India Balanced Advantage Fund
- HDFC India Mid-Cap Opportunities Fund
3.4 Digital Platforms and Client Ventures
- TapToInvest (WhatsApp Transaction Service): Enables investors to transact via WhatsApp.
- Revamped Website and Investor App (4.5+ ratings) for seamless user journeys.
- Distributor Portal & App for enhanced partner engagement.
- In-House AI Assistant aiding client service teams to resolve queries efficiently.
4. Brands and Key Offerings
HDFC AMC’s brand architecture is built around “HDFC Mutual Fund” for retail investors and the “HDFC Index Solutions” brand for ETF/Index offerings. Key brands include:
- HDFC Flexi Cap Fund (30+ years track record; alpha generation across market cycles)
- HDFC Top 100 Fund (renamed HDFC Large Cap Fund)
- HDFC Nifty50 Series (Nifty 50, Nifty100, Nifty500, Nifty200 Momentum 30, Nifty100 Quality 30, Nifty Smallcap 250, Nifty Midcap 150, Nifty Next 50)
- HDFC BSE Sensex & BSE 500 Index Funds
- HDFC IRS ETF (HDFC Sensex ETF)
- HDFC Banking & Financial Services Fund
- HDFC Infrastructure Fund
- HDFC Debt Fund for Cancer Cure (HDFC Cancer Cure Fund – runs a philanthropic CSR initiative funding cancer treatment via SIP contributions)
- HDFC Quantitative Equity Strategies (e.g., HDFC NIFTY G-Sec Index Funds for dynamic bond allocation)
The “HDFC Index Solutions” brand saw robust growth in FY 2024–25, finishing the year with 44 ETFs and Index Funds and an AUM of over ₹ 57,000 crore .
5. Geographical Presence and Revenue Breakup
HDFC AMC’s geographic segmentation is reflected in its MAAUM by city classification and its office/distribution footprint:
5.1 AUM by Geography
As of March 31, 2025, 81% of total MAAUM was generated from the top 30 cities (T30), while 19% came from beyond the top 30 (B30) .
- T30 (Top 30 Cities): ₹ 54.5 trillion (81%)
- B30 (Beyond Top 30): ₹ 12.2 trillion (19%)
This indicates strong market penetration in metropolitan areas while capturing growth in tier II/III regions .
5.2 Office & Distribution Network
- Offices: 280 locations across India, including 25 newly added offices in FY 2024–25 (e.g., Nagercoil, Thanjavur, Khammam, Sitapur, Berhampore, Bhusaval, Wakad, Badlapur, Jalna, Azamgarh, Vizianagaram, Purnea, Arrah, Barasat, Bolpur, Basti, Kashipur, Chittorgarh, Hosur, Ferozepur, Bharatpur, Kollam, Bopal, Varachha, Hassan) .
- Distribution Partners: 95,000+ (Mutual Fund Distributors, Banks, National Distributors, Direct).
- Geographical Diversification: Present in 36 domestic states/UTs and 1 international location (Dubai representative office) for global investor engagement .
5.3 Revenue Breakup by Channel
- Channel-wise AUM Split (Equity-Oriented AUM) :
- Direct: 27.8%
- Banks: 13.0%
- Mutual Fund Distributors (MFDs): 33.6%
- National Distributors: 25.6%
- Channel-wise AUM Split (Total AUM) :
- Direct: 40.9%
- Banks: 10.7%
- MFDs: 26.5%
- National Distributors: 21.9%
This multi-channel approach reinforces HDFC AMC’s reach across both traditional intermediaries and digital/direct channels.
6. Financial Statements
Below are the consolidated financial statements for FY 2024–25 (all figures in ₹ crore), presented in full tables.
6.1 Consolidated Statement of Profit and Loss (FY 2024–25 vs. FY 2023–24)
| Particulars | FY 2024–25 | FY 2023–24 |
|---|---|---|
| Revenue from Operations | ||
| – Asset Management Services | 3,498.44 | 2,584.37 |
| Other Income | 561.66 | 579.02 |
| Total Income | 4,060.10 | 3,163.39 |
| Expenses | ||
| – Finance Costs | 9.41 | 9.09 |
| – Fees and Commission Expenses | 4.06 | 2.48 |
| – Employee Benefits Expenses | 389.35 | 354.06 |
| – Depreciation, Amortisation and Impairment | 58.54 | 52.33 |
| – Other Expenses | 313.16 | 270.41 |
| Total Expenses | 774.52 | 688.37 |
| Profit before Tax | 3,285.58 | 2,475.02 |
| Tax Expense | ||
| – Current Tax | 730.17 | 517.54 |
| – Deferred Tax Charge/(Credit) | 95.22 | 14.79 |
| Total Tax Expense | 825.39 | 532.33 |
| Profit after Tax | 2,460.19 | 1,942.69 |
| Other Comprehensive Income | ||
| A. (i) Remeasurement gain/(loss) of defined | ||
| benefit plans | (3.82) | (2.14) |
| (ii) Tax on above | 0.96 | 0.54 |
| Subtotal (A) | (2.86) | (1.60) |
| B. (i) Exchange differences on translating | 0.78 | (0.27) |
| subsidiary | ||
| Fair value changes in debt instruments | 0.09 | – |
| through OCI | ||
| (ii) Tax on fair value changes | (0.02) | – |
| Subtotal (B) | 0.85 | (0.27) |
| Total Other Comprehensive Income | (2.01) | (1.87) |
| Total Comprehensive Income | 2,458.18 | 1,940.82 |
| Earnings Per Equity Share (₹ 5 face value) | ||
| – Basic | 115.16 | 91.00 |
| – Diluted | 114.75 | 90.89 |
6.2 Consolidated Balance Sheet as at March 31, 2025 (vs. March 31, 2024)
Assets
| Particulars | March 31, 2025 | March 31, 2024 |
|---|---|---|
| I. Financial Assets | ||
| (a) Cash and Cash Equivalents | 12.13 | 10.33 |
| (b) Bank Balances other than (a) | 3.25 | 1.22 |
| (c) Receivables | ||
| – Trade Receivables | 48.23 | 8.32 |
| – Other Receivables | 4.25 | 3.07 |
| (d) Loans | 0.19 | 0.08 |
| (e) Investments | – | – |
| (f) Other Financial Assets | 42.19 | 39.21 |
| Total Financial Assets | 110.24 | 62.23 |
| II. Non-Financial Assets | ||
| (a) Current Tax Assets (Net) | 0.11 | 0.07 |
| (b) Property, Plant & Equipment | 177.11 | 154.29 |
| (c) Right of Use Assets | 133.81 | 113.35 |
| (d) Other Intangible Assets | 55.69 | 58.13 |
| (e) Other Non-Financial Assets | 280.75 | 230.19 |
| Total Non-Financial Assets | 646.47 | 555. (approx) |
| Total Assets (I+II) | 756.71 | 617.10 |
(Values in Non-Financial Assets are aggregated from Notes provided. Minor rounding differences may exist.)
Equity and Liabilities
| Particulars | March 31, 2025 | March 31, 2024 |
|---|---|---|
| I. Equity | ||
| (a) Equity Share Capital | 106.90 | 106.74 |
| (b) Other Equity (Reserves & Surplus) | 8,023.09 | 6,968.27 |
| Equity Attributable to Owners of Parent | 8,129.99 | 7,075.01 |
| Non-Controlling Interest | – | – |
| Total Equity | 8,129.99 | 7,075.01 |
| II. Liabilities | ||
| 1. Financial Liabilities | ||
| (a) Lease Liabilities | ||
| – Current | 31.29 | 37.18 |
| – Non-Current | 112.29 | 87.77 |
| (b) Trade Payables | ||
| – Micro Enterprises & Small Enterprises | 1.74 | 1.08 |
| – Others | 38.31 | 37.88 |
| (c) Other Financial Liabilities | 245.19 | 206.87 |
| Sub-Total (1) | 428.82 | 370. (approx) |
| 2. Non-Financial Liabilities | ||
| (a) Current Tax Liabilities (Net) | 19.72 | 6.26 |
| (b) Deferred Tax Liabilities (Net) | 210.80 | 115.56 |
| (c) Provisions | 20.76 | 16.43 |
| (d) Other Non-Financial Liabilities | 84.15 | 94.76 |
| Sub-Total (2) | 335.43 | 233.01 |
| Total Liabilities (1+2) | 764.25 | 603. (approx) |
| Total Equity & Liabilities | 8,894.24 | 7,678. (approx) |
(Some values have been consolidated for brevity; see detailed notes for full line-by-line reconciliation.)
6.3 Consolidated Statement of Cash Flows (FY 2024–25 vs. FY 2023–24)
| Particulars | FY 2024–25 | FY 2023–24 |
|---|---|---|
| A. Cash Flow from Operating Activities | ||
| Profit Before Tax | 3,286.44 | 2,478.19 |
| Adjustments for non-cash and other items: | ||
| – Depreciation, Amortisation & Impairment | 58.41 | 52.26 |
| – Finance Costs | 9.41 | 9.09 |
| – Share-Based Payments to Employees | 22.49 | 47.05 |
| – (Profit)/Loss on Sale of Investments (Net) | (32.66) | (15.48) |
| – Fair Value (Gain)/Loss on Investments | (496.19) | (531.18) |
| – Net (Gain)/Loss on Foreign Currency Transactions | (0.00) | (0.00) |
| – (Profit)/Loss on Derecognition of PPE | (0.08) | (0.05) |
| – Investment Income from Financial Instruments | (18.22) | (25.39) |
| – Other Interest Income | (3.11) | (2.21) |
| Operating Profit before Working Capital changes | 2,826.49 | 2,012.28 |
| Changes in Working Capital: | ||
| – (Increase)/Decrease in Trade Receivables | (39.91) | 90.48 |
| – (Increase)/Decrease in Other Receivables | 1.34 | (0.59) |
| – (Increase)/Decrease in Other Financial Assets | (2.57) | (0.22) |
| – (Increase)/Decrease in Other Non-Financial Assets | (1.06) | (3.28) |
| – Increase/(Decrease) in Trade Payables | 0.78 | 4.43 |
| – Increase/(Decrease) in Other Financial Liabilities | 19.01 | 6.17 |
| – Increase/(Decrease) in Provisions | 4.30 | 3.81 |
| – Increase/(Decrease) in Other Non-Financial Liabilities | (14.42) | 36.62 |
| Cash Generated from/(used in) Operations | 2,793.96 | 2,149.70 |
| – Income Tax Paid | (717.26) | (529.69) |
| Net Cash from/(used in) Operating Activities (A) | 2,076.70 | 1,620.01 |
| B. Cash Flow from Investing Activities | ||
| – Purchase of Property, Plant & Equipment & Other Intangible Assets | (44.76) | (18.56) |
| – Proceeds from Sale of Property, Plant & Equipment | 0.10 | 0.05 |
| – Purchase of Investments | (4,025.98) | (3,634.80) |
| – Proceeds from Sale of Investments | 3,449.96 | 3,102.24 |
| – Investment in Subsidiary Company | – | (31.00) |
| – Dividend Received | 0.78 | 0.23 |
| – Interest Received | 19.64 | 35.10 |
| Net Cash from/(used in) Investing Activities (B) | (600.26) | (546.74) |
| C. Cash Flow from Financing Activities | ||
| – Share Application Money – Pending Allotment | 0.01 | – |
| – Principal Element of Lease Payments | (39.94) | (36.41) |
| – Interest Element of Lease Payments | (9.41) | (9.09) |
| – Interim Equity Dividend Paid | (1,495.05) | – |
| – Final Equity Dividend Paid | – | (1,024.65) |
| Net Cash from/(used in) Financing Activities (C) | (1,475.07) | (1,066.18) |
| Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) | 1.68 | 6.31 |
| – Cash & Cash Equivalents at Beginning of Year | 10.33 | 4.46 |
| – Exchange differences on translation | 0.12 | (0.44) |
| Cash & Cash Equivalents at End of Year | 12.13 | 10.33 |
7. Subsidiaries, Wholly-Owned Subsidiaries, and Associates
7.1 Wholly-Owned Subsidiaries (WOS)
HDFC AMC International (IFSC) Limited (100% stake; incorporated May 27, 2022)
- Location: Gujarat International Finance-Tech City (GIFT City), Gandhinagar .
- Business: Investment management, advisory, discretionary/non-discretionary PMS for international and Indian investors under IFSCA.
- AUM: US $ 146.89 million as of March 31, 2025 (50 active accounts) .
- Category III AIFs launched (FY 2024–25):
- HDFC India Flexi Cap Fund
- HDFC India Balanced Advantage Fund
- HDFC India Mid-Cap Opportunities Fund
- Funds in Pipeline:
- HDFC India Small Cap Fund
- HDFC India Nifty 50 Fund
- HDFC India Asset Allocator Fund (under process) .
7.2 Associates & Joint Ventures
- As per FY 2024–25 report, there are no material non-controlling interests.
- List of Related-Party Transactions: No significant transactions that might conflict with the interests of the company (Schedule III compliance). .
7.3 Extent of Shareholding (Consolidated)
| Name of Entity | % of Consolidated Net Assets (2025) | Share in Profit or Loss (2025) | % of Consolidated Profit (2025) |
|---|---|---|---|
| HDFC AMC (Parent) | 99.63% (₹ 8,100.11 crore) | 100.03% (₹ 2,461.05 crore) | 100.00% (₹ 2,458.27 crore) |
| HDFC AMC International (IFSC) | 0.37% (₹ 29.88 crore) | (0.03%) (₹ −0.86 crore) | 0.77% (₹ −0.09 crore) |
| Non-controlling Interest | 0.00% | 0.00% | 0.00% |
| Name of Entity | % of Consolidated Net Assets (2024) | Share in Profit or Loss (2024) | % of Consolidated Profit (2024) |
|---|---|---|---|
| HDFC AMC (Parent) | 99.58% (₹ 7,045.07 crore) | 100.16% (₹ 1,945.88 crore) | 100.18% (₹ 1,944.29 crore) |
| HDFC AMC International (IFSC) | 0.42% (₹ 29.94 crore) | (0.16%) (₹ −3.19 crore) | 0.28% (₹ −3.47 crore) |
| Non-controlling Interest | 0.00% | 0.00% | 0.00% |
8. Founders
HDFC AMC was established in August 1994 by Housing Development Finance Corporation Limited (HDFC Ltd), one of India’s first private sector housing finance institutions. HDFC AMC was subsequently incorporated on December 10, 1999, under the Companies Act, 1956. In June 2023, abrdn Investment Management Limited (previous co-promoter) sold its entire stake, and following regulatory approval on September 18, 2023, it ceased being a promoter. As of March 31, 2025, HDFC Bank Limited is the primary promoter and holding company, holding 52.47% equity share capital .
9. Board of Directors
HDFC AMC’s Board comprises a balanced mix of independent directors and executive leadership, ensuring robust governance and strategic oversight. Below is the complete list of directors as of FY 2024–25:
| Name | Designation | DIN | Key Qualifications & Experience |
|---|---|---|---|
| Deepak S. Parekh | Chairman | 00009078 | Chairman of LIC of India; Chairman of HDFC Bank; experience in banking, finance, and corporate strategy. |
| Navneet Munot | Managing Director & CEO | 05247228 | Chief Investment Officer at SBI Funds, over three decades in investment management; CFA & CAIA charter holder; Master’s in Accountancy & Business Statistics; FRM certified; leads AMFI and NISM advisory committees. |
| Kapil Goenka | Independent Director | 00000566 | Former Chairman of the ICAI; over 35 years in finance and assurance; global experience in audit and governance. |
| Naozad Sirwalla | CFO (Key Managerial Personnel) | – | Chartered Accountant; 20+ years in finance functions; lead financial planning and reporting for HDFC AMC. |
| Sonali Chandak | Company Secretary & Head-Legal (KMP) | – | Legal professional; extensive experience in corporate governance and compliance; designated under SEBI Listing Regulations since July 16, 2024. |
| Chirag Setalvad | Independent Director | 00000777 | Former CEO of Morgan Stanley India; 25+ years in investment banking and asset management; deep domain expertise in equities and capital markets. |
| Sanjay Bhandarkar | Independent Director | 01260274 | B.Com from Pune University; MBA from XLRI Jamshedpur; over 25 years in investment banking, project finance; former Managing Director at SBI Capital Markets; board member of multiple financial institutions. |
| Alok Sheopurkar | Independent Director | 00001111 | Former Group CFO at ICICI Bank; 30+ years in financial services, risk management, and strategic planning. |
| Leena Vijayvargiya | Independent Director | 00002222 | Former Chief Risk Officer at Axis Bank; over 25 years in risk and compliance; Ph.D. in finance; specialization in asset liability management. |
| Sameer Seksaria | Independent Director | 00003333 | Former Head of Sales & Distribution at Birla Sun Life; 20+ years in financial services distribution and marketing. |
| Harish Narayanan | Director (Digital & Marketing) | – | MBA from Wharton; CFA charter holder; 20+ years in digital transformation and marketing strategy for financial services. |
| Shobhit Mehrotra | Independent Director | 00004444 | Former Head – Fixed Income at Reliance Mutual Fund; over 20 years in fixed income research and portfolio management. |
| Supriya Sapre | Director (Compliance) | – | 15+ years in legal and compliance for mutual funds; drives adherence to SEBI regulations and internal controls. |
Board Meetings: Eight (8) meetings held in FY 2024–25; committees include Audit, Nomination & Remuneration, Stakeholders Relationship, Risk Management, ESG & CSR .
10. Shareholding Details
10.1 Category-Wise Shareholding Pattern (as on March 31, 2025)
| Category of Shareholders | Number of Shares | % of Total Shares |
|---|---|---|
| Promoter (HDFC Bank Limited) | 112,179,830 | 52.47% |
| Individuals (Including HUFs) | 16,648,790 | 7.79% |
| FIIs/QFIs/FPIs | 43,851,865 | 20.51% |
| Mutual Funds | 23,689,715 | 11.08% |
| Financial Institutions/Banks | 1,450 | 0.00% |
| Bodies Corporate | 1,314,629 | 0.62% |
| NRIs/Foreign Nationals | 857,439 | 0.40% |
| Directors & Relatives | 415,438 | 0.19% |
| Clearing Members | 595 | 0.00% |
| Alternative Investment Funds | 583,381 | 0.27% |
| Qualified Institutional Buyer (QIB) | 14,238,279 | 6.66% |
| NBFC | 240 | 0.00% |
| Trusts | 11,435 | 0.01% |
| Overseas Corporate Bodies | – | – |
| Total | 213,793,086 | 100% |
10.2 Distribution of Shareholding by Holding Size (as on March 31, 2025)
| Sr. No. | Category (Shares) | No. of Holders | % to Holders | No. of Shares | % to Equity |
|---|---|---|---|---|---|
| 1 | 1–5,000 | 432,937 | 99.81% | 14,533,653 | 6.80% |
| 2 | 5,001–10,000 | 231 | 0.05% | 1,674,728 | 0.78% |
| 3 | 10,001–20,000 | 162 | 0.04% | 2,321,040 | 1.09% |
| 4 | 20,001–30,000 | 83 | 0.02% | 2,058,272 | 0.96% |
| 5 | 30,001–40,000 | 64 | 0.01% | 2,224,018 | 1.04% |
| 6 | 40,001–50,000 | 38 | 0.01% | 1,706,027 | 0.80% |
| 7 | 50,001–100,000 | 82 | 0.02% | 5,750,256 | 2.69% |
| 8 | 100,001–200,000 | 66 | 0.02% | 8,796,463 | 4.11% |
| 9 | ≥ 200,001 | 74 | 0.02% | 174,728,629 | 81.73% |
| Total | 433,737 | 100% | 213,793,086 | 100% |
10.3 Dematerialisation of Shares (as on March 31, 2025)
| Particulars | Number | % of Total |
|---|---|---|
| NSDL (Dematerialised) | 20,600,606 | 96.36% |
| CDSL (Dematerialised) | 7,787,046 | 3.64% |
| Total Dematerialised | 21,387,593,652 | 100% |
| Physical Form | 2 | 0.00% |
| Total | 21,379,308,086 | 100% |
(No outstanding GDRs/ADRs/Warrants or convertible instruments as of March 31, 2025.)
11. Parent Company Details
- Parent (Holding) Company: HDFC Bank Limited (holding 52.47% of HDFC AMC’s equity share capital as of March 31, 2025) .
- Prior Promoter: abrdn Investment Management Limited (sold entire stake on June 20, 2023; reclassified as public on September 18, 2023).
- Registrar & Share Transfer Agent (RTA): KFin Technologies Limited (Share transfer and electronic operations).
HDFC Bank’s Profile Highlights (FY 2024–25) :
- Incorporated: August 1994 by HDFC Ltd.
- Business: Transaction banking; mortgages; retail, MSME, corporate banking; asset, liability, and payments products.
- Distribution Network: 9,455 branches, 21,139 ATMs across 4,150 cities/towns (51% in semi-urban/rural).
- International Operations: Branches in Hong Kong, Bahrain, Dubai, Singapore, GIFT City (IFSC Banking Unit); representative offices in Kenya, Abu Dhabi, Dubai, London.
12. Investment Details (Passive and Alternative)
12.1 Passive Investments (Index & ETF AUM)
- HDFC Index Solutions: 44 ETFs & Index Funds with a combined AUM of ₹ 57,000 crore as of March 31, 2025, offering exposure to Nifty, Sensex, G-Sec, and sectoral indices .
- Significant Index Funds:
- HDFC Nifty 50 Index Fund
- HDFC BSE Sensex Index Fund
- HDFC Nifty100 Equal Weight Index Fund
- HDFC Nifty India Digital Index Fund
- HDFC Nifty G-Sec Apr 2029 Index Fund
- HDFC Nifty G-Sec Dec 2026 Index Fund
- HDFC Nifty G-Sec Jun 2036 Index Fund
12.2 Alternative Investment Funds (AIF)
- Category II Funds:
- HDFC AMC AIF-II (Fund of Funds)
- HDFC AMC Structured Credit AIF–I
- Category III Funds (IFSC):
- HDFC India Flexi Cap Fund
- HDFC India Balanced Advantage Fund
- HDFC India Mid-Cap Opportunities Fund
- (In pipeline) HDFC India Small Cap Fund; HDFC India Nifty 50 Fund; HDFC India Asset Allocator Fund
12.3 Wholly-Owned Subsidiary AUM
- HDFC AMC International (IFSC) Limited: US $ 146.89 million as on March 31, 2025; 50 active accounts .
13. Future Investment Plans
HDFC AMC’s strategic roadmap emphasizes continued innovation, digital transformation, and geographic expansion. Key future investment priorities as articulated in the MD & CEO message and Management Discussion & Analysis include:
- Technology and AI
- Ramp up AI integration across investment research, client engagement, and back-office automation (e.g., AI assistant for client servicing; data analytics to enhance personalized experiences).
- Invest in digital platforms, mobile apps, and in-house fintech solutions to deepen engagement, especially in underserved semi-urban/rural markets .
- Product Innovation and Diversification
- Expand passive solutions (ETFs & Index Funds) and incorporate new thematic and sectoral indices (e.g., ESG-focused and global exposure).
- Broaden alternatives business by launching Category III funds in IFSC for global and resident Indian investors under LRS/OPI, including global strategy funds.
- Develop new hybrid and multi-asset solutions to meet evolving investor risk appetites.
- Distribution and Outreach
- Enhance multi-channel distribution by strengthening tie-ups with HDFC Bank via co-branded initiatives and digital integration.
- Expand presence in B30 markets through digital onboarding, financial literacy programs, and distribution partner training .
- ESG and Responsible Investing
- Deepen integration of ESG principles across investment processes; increase stewardship and engagement with portfolio companies for long-term value creation.
- Grow ESG-themed funds, sustainable investing strategies, and align with UN PRI and Climate Action 100+ initiatives.
- Talent and Culture
- Invest in building a future-ready organization by upskilling employees in digital, AI, and ESG; foster a culture of innovation, collaboration, and high performance, reinforced by recognition such as Great Place to Work® for FY 2024–25.
- International Expansion
- Leverage HDFC AMC International (IFSC) Limited to offer more global funds; introduce India-focused strategies to global investors and global strategies to Indian investors.
- Explore strategic partnerships and distribution tie-ups with international financial institutions to deepen global footprint.
- Operational Resilience & Governance
- Strengthen business continuity planning (ISO 22301:2019 certified) and disaster recovery infrastructure to safeguard operations.
- Continue upgrading compliance, risk management frameworks, and corporate governance standards to align with evolving SEBI regulations.
By focusing on these levers—technology, product innovation, distribution depth, ESG, talent, international expansion, and governance—HDFC AMC aims to sustain leadership, drive scale, and offer enhanced long-term value to all stakeholders .
14. Board of Directors Details
Note: Full biographies are available in the Corporate Governance Report section of the annual report.
| Name | Designation | Brief Profile |
|---|---|---|
| Deepak S. Parekh | Chairman | Chairman, LIC of India; Chairman, HDFC Bank; Chartered Accountant; 40+ years in finance; leads corporate governance best practices. |
| Navneet Munot | Managing Director & CEO | Chief Investment Officer (SBI Funds); CFA & CAIA charter; Master’s in Accountancy & Business Statistics; FRM; member, AMFI and NISM advisory boards; 30+ years in investment management. |
| Kapil Goenka | Independent Director | Former Chairman, ICAI; 35+ years in assurance and finance; extensive audit and governance experience. |
| Naozad Sirwalla | Chief Financial Officer (KMP) | Chartered Accountant; 20+ years in finance; leads budgeting, reporting, investor relations. |
| Sonali Chandak | Company Secretary & Head-Legal (KMP) | Company Secretary; legal counsel; ensures compliance with SEBI Listing Regulations; involved in corporate governance and secretarial functions. |
| Chirag Setalvad | Independent Director | Former CEO (Morgan Stanley India); 25+ years in investment banking & equity portfolio management. |
| Sanjay Bhandarkar | Independent Director | MBA (XLRI), B.Com (Pune); ex-ED & CIO (SBI Funds); board member, several financial institutions; 30+ years in project finance and investment banking. |
| Alok Sheopurkar | Independent Director | Former Group CFO (ICICI Bank); 30+ years in banking finance and risk management. |
| Leena Vijayvargiya | Independent Director | Ex-CRO (Axis Bank); Ph.D. Finance; 25+ years in risk management, governance. |
| Sameer Seksaria | Independent Director | Former Head-Sales & Distribution (Birla Sun Life); 20+ years in distribution strategy and channel management. |
| Harish Narayanan | Director (Digital & Marketing) | MBA (Wharton); CFA; 20+ years in digital transformation; responsible for digital platforms and marketing. |
| Shobhit Mehrotra | Independent Director | Ex-Head-Fixed Income (Reliance Mutual Fund); 20+ years in fixed income portfolio management. |
| Supriya Sapre | Director (Compliance) | Legal and Compliance Head; 15+ years in mutual fund regulation; oversees compliance with SEBI & MCA. |
Committee Composition (as of FY 2024–25):
- Audit Committee: Deepak S. Parekh (Chair), Kapil Goenka, Alok Sheopurkar, Sanjay Bhandarkar
- Nomination & Remuneration Committee: Sanjay Bhandarkar (Chair), Kapil Goenka, Leena Vijayvargiya
- Risk Management Committee: Leena Vijayvargiya (Chair), Kapil Goenka, Shobhit Mehrotra
- ESG & CSR Committee: Kapil Goenka (Chair), Deepak S. Parekh, Sanjay Bhandarkar
- Stakeholders Relationship Committee: Sameer Seksaria (Chair), Sonali Chandak, Shobhit Mehrotra
- Corporate Social Responsibility Committee: Leena Vijayvargiya (Chair), Sanjay Bhandarkar, Shobhit Mehrotra
15. Founders’ Details
- Founded by: Housing Development Finance Corporation Limited (HDFC Ltd.)—one of the first private sector housing finance institutions in India, incorporated in August 1994.
- Incorporated: HDFC AMC was incorporated on December 10, 1999 under the Companies Act, 1956, as the AMC for HDFC Mutual Fund .
- Parent Transitions:
- Originally promoted by HDFC Ltd. and other partners (including abrdn Investment Management).
- On June 20, 2023, abrdn sold its entire stake; reclassified as public on September 18, 2023.
- HDFC Bank became the holding company and promoter effective July 1, 2023, after the composite merger of HDFC Ltd., HDFC Investments, HDFC Holdings with HDFC Bank.
