HDFC chairman Deepak Parekh will be awarded the prestigious ICAEW award for his contribution to the finance and accountancy profession in March

Housing Development Finance Corporation Ltd (HDFC) chairman Deepak S Parekh has become the first international recipient of the Institute of Chartered Accountants in England and Wales' (ICAEW) Outstanding Achievement Award.

ICAEW in a release said that Mr Parekh received its accolade for 2010 in recognition of his outstanding contribution over many years to the finance and accountancy profession.

"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," said Sir Michael Lickiss, chairman of the selection committee, ICAEW.

In his acceptance speech, 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 ICAEW."

The award will be presented at the ICAEW Annual Dinner at Chartered Accountants' Hall in London on 2 March 2010.