Hasmukh Thakordas Parekh was born in Surat, Gujarat. He worked as a lecturer at St. Xavier's College, Bombay (now known as Mumbai), for three years, and later began his financial career with the stockbroking firm Harkisandass Lukhmidass. He joined ICICI as Deputy general manager in 1956, became chairman and managing director in 1972. He retired in 1976 and was Chairman of ICICI's Board until 1978.