Top Management

Mr. Dhiraj Relli, Managing Director and Chief Executive Officer

Mr. Dhiraj Relli leads HDFC Securities—one of India’s most trusted financial services brands—driving its evolution into a diversified financial services powerhouse. He is a transformative leader steering the organization toward a future defined by innovation, inclusivity, and intelligent technology.

With over three decades of experience, Mr. Relli has cultivated a profound understanding of capital markets, investments, and the banking and financial landscape, resulting in substantial growth for HDFC Securities. Under his guidance, the firm has become a comprehensive financial solutions provider, evolving from the traditional broking model of RM-serviced clients through physical branches to a completely digital offering, catering to seasoned investors as well as new-age customers such as millennials. Before joining HDFC Securities, he served as Senior Executive Vice President and Head of Branch Banking at HDFC Bank, where he oversaw a network of over 800 branches, helping to transform retail operations and enhance customer focus within India’s banking sector. His prior roles also include serving as the Country Head of Branch Banking at Centurion Bank of Punjab and holding key leadership positions at ICICI Bank. His extensive experience has positioned him as a key player in India’s financial sector, and he is an active member of multiple advisory committees across leading stock exchanges.

A B.Com. (Honours) graduate from Delhi University, Mr. Relli is a qualified Chartered Accountant from The Institute of Chartered Accountants of India. He has further enriched his expertise through an Advanced Management Program at the Indian Institute of Management, Bangalore, as well as the AI Applications for Growth program at Northwestern University’s Kellogg School of Management. These educational experiences empower him to effectively harness technology and data-driven insights to foster business development.

With a relentless focus on customer experience, digital innovation, and financial inclusion, Mr. Relli continues to shape the future of investing in India, ensuring HDFC Securities remains a market leader in the country’s rapidly expanding financial ecosystem.

Mr. Ashish Rathi, Chief Operating Officer & Whole-Time Director

Mr. Ashish Rathi serves as the COO and 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 20 years of rich experience in Capital Market Operations, Risk Management, and Compliance Functions.

Mr. Anand Mathur, Chief Financial Officer

Anand Mathur is Chief Financial Officer (CFO) at HDFC Securities, leading the company's financial strategy and operations.

He is a Chartered Accountant with over 20 years of extensive experience in various financial domains. In his most recent role at HDFC Bank, he spearheaded strategic initiatives in close collaboration with the Bank's Managing Director and CEO. Additionally, his tenure at Citi India involved managing financial strategy and overseeing local regulatory reporting.

Mr. Varun Lohchab, Head, Institutional Research

Varun Lohchab is currently heading Institutional Research at HDFC Securities. He has a total work experience of 20 years with 17 years in Indian Equity markets across buy side and sell side across a wide spectrum of sectors in India (viz. Consumer, Commodities, Property, Media, Retail and Leisure) with firms such as Fidelity, Franklin Templeton and Jefferies.

Varun has covered multiple sectors and is a Starmine rated analyst in the consumer sector.
Varun holds a PGDM from IIM Calcutta and Bachelor of Engineering from Delhi College of Engineering.

Mr. Unmesh Sharma, Head, Institutional Equities

Unmesh has a rich experience of over 20 years in the field of Capital Markets. At HDFC Securities, he heads the Institutional Equities Business.

He has worked across the Capital Markets verticals. He was a top-rated Research analyst in Real Estate, Telecom and Consumer sectors, covered India and Asia based clients in Sales and Sales and headed the Equity Capital Markets Syndicate prior to HDFC Securities. This was across leading brands such as Macquarie Capital, BofA- Merrill Lynch and JP Morgan. Unmesh holds a CFA Charter, an MBA from the Indian Institute of Management, Lucknow and an Engineering degree from the University of Mumbai.

Mr. Pranab Uniyal, Head, Investment Advisory

Mr. Pranab Uniyal is an alumnus of IIT Madras and holds a management degree from IIM Calcutta. With over 20 years of experience in wealth management, Pranab has developed deep expertise in investment products and strategies. His leadership roles at institutions like HDFC Bank, Ambit Capital, HSBC, and Standard Chartered Private Banking have established him as a trusted voice in the financial industry. Pranab's early career as a Six Sigma Blackbelt at GE honed his analytical skills, giving him a sharp eye for process optimization and operational efficiency.

His passion for simplifying complex financial concepts is evident in the best-selling book that he has co-authored, 'Coffee Can Investing – The Low-risk Road to Stupendous Wealth.' Beyond his professional accomplishments, Pranab is a dedicated sports enthusiast, regularly engaging in football, badminton, and tennis.

Mr. Devarsh Vakil, Head, Prime Research

Devarsh Vakil is currently the Head of Prime Research at HDFC securities. He has over 20 years of experience in the field of financial markets research. His role entails generating investment ideas and anticipating trading opportunities. Devarsh also closely tracks global markets and important international data points that impact Indian markets.

Devarsh is an Electronics and Communications engineer from Gujarat University and a post-graduate of IIT, Kharagpur in business management. He has also attended the Senior Leadership Program of the prestigious Indian institute of Management, Ahmedabad.

His market acumen and opinion is sought after by various media houses. He has been appearing in various business news channels like CNBC TV18, Awaaz, Bajar, Zee Business, ET Swadesh etc. for the last 18 years. He is widely quoted in various business newspapers and magazines and has authored many articles on varied subjects.

Mr. Kunal Sanghavi, Chief Strategy & Transformation 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 other accolades.

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

Ms. Mangalam Ganesh, Chief Technology Officer

Ms. Mangalam Ganesh is the Chief Technology Officer (CTO) at HDFC Securities. With over 26 years of extensive experience in the financial and securities domain, Mangalam has a proven track record of delivering innovative technology solutions that drive business outcomes. Prior to joining HDFC Securities, she served as CTO at Axis Securities, where she spearheaded digital transformation efforts, built high-performing teams, and established robust disaster recovery systems.

Her previous leadership roles include positions at ICICI Securities as Sr. Vice President, and at leading IT organizations such as 3i Infotech and Larsen & Toubro Infotech Ltd.

Mangalam, a Computer Engineering graduate from a prestigious institute in Mumbai, brings a customer-first mindset and a passion for all things digital, positioning her uniquely to leverage technology for delivering business value and enhancing stakeholder experience.

Ms. Neetika Bhatia, Chief Human Resources Officer

Neetika Bhatia as the CHRO at HDFC securities heads the Human Resources, Learning and Development (L&D), and Admin and Infrastructure.

Bhatia comes with 17 years of experience, with expertise in talent and leadership development, rewards and change management. Previously, she has worked with large MNC financial organisations and startups such as Citibank, Atos Origin and Trica. This enables her to bring in the right mix of skill sets that will help in the growth and digital transformation of HDFC securities, focusing on building future-ready HR capabilities in the organisation while also shaping the culture and vision roadmap.

Neetika holds her MBA in Human Resources from the Management Development Institute (MDI) Gurgaon.

Mr. Puneeth Bekal, Chief Marketing Officer

Puneeth Bekal is the Chief Marketing Officer at HDFC securities with over 19 years of experience in Brands and Marketing, with key expertise in Brand Strategy, Marketing Strategy, and Digital Marketing across industries and verticals.

Before joining HSL, Puneeth worked for organizations including Mastercard, Godrej Group, Lodha Group, and Ceat Tyres. He holds a Marketing degree from IIM-Calcutta. In his career spanning nearly two decades, he has worked in over 42 cities across India and 7 countries, giving him a deep understanding of India's diverse culture and sense of global interconnectedness.