FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person *   Bhalla Vikas 2. Date of Event Requiring Statement (Month/Day/Year) 11/02/2009 3. Issuer Name and Ticker or Trading Symbol ExlService Holdings, Inc. [EXLS] (Last) (First) (Middle) 350 PARK AVENUE 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Head of Outsourcing 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) NEW YORK, NY 10022 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock, par value $0.001 per share 17,377 D Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Options (right to buy)	  (1)	07/26/2016	See footnote (2)	10,000	$ 11.875	D	Â
Employee Stock Options (right to buy)	  (3)	02/10/2019	See footnote (2)	24,000	$ 8.75	D	Â
Restricted Stock	  (4)	06/12/2017	See footnote (2)	5,250	$ (5)	D	Â
Restricted Stock	  (6)	04/23/2018	See footnote (2)	4,590	$ (5)	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Bhalla Vikas 350 PARK AVENUE NEW YORK, NY 10022	Â	Â	  Head of Outsourcing	Â

Signatures

/s/ Lazbart Oseni		11/10/2009
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	40 percent of the options will vest and become exercisable on April 20, 2010; 60 percent of the options have previously vested and are immediately exercisable.
(2)	Common Stock, par value $0.001 per share.
(3)	10 percent of the options will vest and become exercisable on February 10, 2010, an additional 20 percent of the options will vest and become exercisable on February 10, 2011, an additional 30 percent of the options will vest and become exercisable on February 10, 2012, and the remaining 40 percent of options will vest and become exercisable on February 10, 2013.
(4)	2,250 shares of restricted stock vest on April 25, 2010 and 3,000 shares of restricted stock vest on April 25, 2011.
(5)	Not applicable.
(6)	1,020 shares of restricted stock vest on April 24, 2010, 1,530 shares of restricted stock vest on April 24, 2011 and 2,040 shares of restricted stock vest on April 24, 2012.
  Remarks: Mr. Oseni is the Company's Head of Administration and Accounts. Exhibit 24.1:  Power of Attorney

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