In Person Verification or IPV is a process where a participant in personal verifies documents and other details as per the law by the Securities and Exchange Board of India (SEBI). The intermediary is responsible for collecting and maintaining records of all necessary & important customer details on the KYC Form, including company, designation and signature.
A user has to submit certain documents to prove his identity such as address proof, identity proof, etc. The intermediary will verify all your documents before processing KYC. The intermediary has to make sure that the user has all the original documents at his disposal. IPV is done via a video, using few web tools such as Skype, Appear.in, etc.
Moreover, the intermediary may ask you a few questions during the IPV process pertaining to your account opening application.
Following are the address and identity proof required during IPV:
Only the following entities have the authorization to carry out IPV. You can visit the nearest office in person with the required documents.
The fund house will deem your KYC complete only after the In-Person Verification. You can invest in other Mutual Funds with this as you need to do the IPV only once.
e-KYC (electronic Know Your Customer) is a value-added feature that many fund houses offer today, to make the application process seamless. Investors can access it and upload the necessary documents from the comfort of their home or office.
As mentioned above, only SEBI-approved KRAs like CVL and CAMS can complete e-KYC. Most of these agencies have launched apps to do instant authentication either using bio-metrics or OTP. There is an upper cap of Rs. 50,000 per investor per mutual fund for OTP verification.
You can also watch the video guidelines for In Personal Verification process - Demo Video of In Person Verification for Mutual Fund KYC
To carry out IPV, the investors must produce the original copy of ID and residential proofs they have submitted electronically at the fund house.
Earlier, the investors needed to appear in person at the office or somebody would visit the investors at their workplace or home. But now, the process is simpler as you can do a live authentication via video conferencing (Skype) at a pre-agreed time. For this, you must have a fast internet connection. The officer might ask you questions regarding your documents. If they find the answers contradictory or mismatch of documents, they can cancel your application.
Get started to complete your KYC by filing in the details below
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