What is the meaning of In Person Verification or IPV?
IPV or In person verification as the name suggest is a process where a Depository Participant in personal verifies documents and other details as per the law by SEBI, It is Compulsory for every investor to go through the in-person verification (IPV) process before opening a Trading and a DEMAT Account. The reference SEBI Circular for In Person Verification is available on the SEBI Website.
What is the in person verification process or IPV process?
In SEBI made IPV compulsory process which makes it easier for brokers to actually verify the person holding the Trading and DEMAT account. The account holder has to submit certain documents to prove his identity like a Govt issued Identity card, Address proof etc to establish his identity. Traditionally IPV was done physically where an employee of your broker would physically visit and verify all your documents before opening an account. Latest technology facilitates this process remotely. SAMCO Securities does the IPV online or web-IPV using modern technology.
What happens during the In person verification process? How to do In person verification?
During the process the client has to produce original identity and address proof to validate his identity. this process can be totally done online using the latest technology. Skype, Appear.in are few tools on which the IPV can be completed. The client has to make sure he has all the original documents at his disposal. The Broker and client can mutually can schedule a Live IPV on any of the tools mentioned above.
Make sure you have a good internet connections before you start the IPV process, The broker may ask you few questions during the IPV process pertaining to your account opening application.
Who Can Carry Out In-Person Verification?
Your stock broker can carry out your IPV, If you are opening an account with SAMCO Securities any of the SAMCO Employees will carry out your IPV , verify all the documents in accordance with the KYC (know your customer) guidelines. The In person verification process is a mandatory KYC requirement by SEBI and the Exchanges BSE and NSE.
Following are the rules set by SEBI for IPV
- It is obligatory for each intermediary to conduct IPV of its clients.
- The intermediary or your stock broker is responsible for collecting and maintaining records of all important customer details on the KYC form, including name, designation, company, and signature.
- All other intermediaries have to count on the IPV performed by an intermediary who is approved by SEBI.
- Once a KRA record has been updated, all other intermediaries can access the details. This eliminates the need to conduct multiple verifications and duplication of data