Top Management




Dhiraj Relli, Managing Director and Chief Executive Officer

Dhiraj Relli oversees all aspects of the company’s institutional, retail business and operations. With a career span of over two decades, he is the member of HDFC family since 2008. He has served as Senior Executive Vice President and Head of Branch Banking at HDFC Bank, where he managed Retail Branch Banking spreading across 800 branches geographically.
Prior to this, he worked as the Country Head, Branch Banking with Centurion Bank of Punjab, held various posts with ICICI Bank and other well-known financial services organisations. Mr. Relli is a member of the Trading Member Advisory Committee, National Stock Exchange and Member of the Advisory Committee of Bombay Stock Exchange.
A B.Com. (Honours) graduate from Delhi University, Mr Relli is a qualified Chartered Accountant from The Institute of Chartered Accountants of India and also did an Advance Management Program from the prestigious Indian Institute of Management,Bangalore.

Ashish Rathi, Whole Time Director

Mr. Ashish Rathi serves as a Whole Time Director of HDFC Securities Limited. He has been associated with the company since 2003 and heads the Risk, Compliance, and Operation Functions. He also serves as a member of the Board of Directors.
He is a Chartered Accountant by profession and graduated from Narsee Monjee College of Commerce and Economics. He has more than 17 years of rich experience in Capital Market Operations, Risk Management, and Compliance Functions.

Sandeep Bhardwaj, Chief Operating Digital Officer

Sandeep Bhardwaj is the Chief Operating Digital Officer at HDFC securities, with over 22 years of experience in the financial services industry. He is a seasoned professional with expertise in change management and digital transformation, with a focus on customer centric innovation. Sandeep brings a wealth of experience in the domains of banking distribution, wealth management, retail assets, and capital markets.At HDFC securities, Sandeep is spearheading the digital strategy and transformation, product management, platform development, digital business, distribution, marketing, and corporate communications. He is leading the charge to create a world-class digital experience for our customers, with a focus on delivering innovative products and services that meet their evolving needs.


Prior to joining HDFC securities, Sandeep was part of the management teams of IIFL Securities, Angel Broking Ltd,Religare Finvest Ltd, and worked with Centurian Bank of Punjab Ltd, Standard Chartered Bank, HDFC Bank, and ICICI Group in various capacities. He has a proven track record of driving growth and profitability through strategic planning, business development, and operational excellence.


Sandeep holds bachelor's degree in science from Rajasthan University and has completed executive courses from INSEAD and the Indian School of Business in the areas of leadership, digital marketing, digital transformation analytics, and innovation. His passion for learning and commitment to excellence have enabled him to stay at the forefront of industry trends and drive innovation within the organization.

Kunal Sanghavi, Chief Financial Officer

Kunal Sanghavi is a Financial Services and Capital Market professional with more than 16 years of experience in Finance, Strategy, Technology Capital Market Products. With Extensive Experience in Various Facets of Capital Markets, Asset Fund Management Digitization he has Comprehensive Coverage of the Financial Services Industry.


He has rich academic credentials which includes Chartered Accountancy besides an MBA (PGPMAX) from Indian School of Business (ISB), DISA from ICAI CISA from ISACA (USA). Certifications from Wharton and Kellogg in Mergers Acquisitions, Competitive Marketing Strategy are another accolades.


Before joining HDFC Securities, Kunal has spent most of his career in Motilal Oswal Financial Services Limited for about a decade besides other organisations.

Reynu Bhat, SEVP and Head - Human Resource, Learning and Development

With over 27 years of experience across domains including express logistics, telecom, and financial services, she started her career with DHL Worldwide, followed by heading call centers at PageLink (HFCL Group), and finally at HFDC Securities. It has been close to 19 years with HDFC Securities, where she started as a founding member in the creation of a high-end, 450-seat call center that delivered a seamless trading experience.She strategized the future planning and business expansion of HDFC Securities by continuously evolving to enhance customer experience and revenue generation. She was initially instrumental in developing and synergizing the multi-faceted aspect of customer relationship management and service excellence while creating and executing a few businesses like call center operations, customer care, telesales,the HNI Desk, and an online education portal. Her primary responsibility as Head HR Learning, and Development since 2015 has been to set up the learning management system and foster a training culture in the organization.


At HDFC Securities, she formulates and implements the best HR practices, processes, and policies by partnering closely with the business to support and accelerate growth of the organization. Being a people-oriented professional, she keeps motivating people towards achieving the organizational objectives and works as anenabler to implement people-related HR interventions in a timely and effective manner.

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