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What is IPV or In Personal Verification in Mutual Funds KYC?

Updated on April 18, 2024 , 19738 views

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.


As per SEBI rules, it is mandatory for every investor to go through IPV process before investing in Mutual Funds.

Process of In Personal Verification

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,, etc.

Moreover, the intermediary may ask you a few questions during the IPV process pertaining to your account opening application.

Documents Required During IPV Process

Following are the address and identity proof required during IPV:

Address Proof

  • Passport
  • Voter ID Card
  • Driving License
  • UID (Aadhaar)
  • NREGA Job Card
  • Ration Card
  • Registered Lease or Sale Agreement of Residence/Flat Maintenance bill
  • Life Insurance Policy
  • Telephone Bill (only Land line), Electricity bill or Gas bill- Not more than 3 months old
  • Bank Account statement/Passbook- Not more than 3 months old
  • Identity card with address issued by the Central/State Government, Statutory/Regulatory Authorities, PSUs, Scheduled Commercial Banks, Public Financial Institutions, and Colleges affiliated to Universities, Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc.
  • Proof of address issued by Bank Managers of Scheduled Commercial Banks/Scheduled Cooperative Bank/Multinational Foreign Banks/Gazetted Officer/Notary public/elected representatives to the Legislative Assembly/Parliament

Identity Proof

IPV Authorization

Only the following entities have the authorization to carry out IPV. You can visit the nearest office in person with the required documents.

  1. KYC registration agency (KRA)
  2. The AMC
  3. Mutual fund agent
  4. Mutual fund distributor
  5. MF’s registrar
  6. transfer agent like CAMS or Karvy Computer Share Private Limited

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.

Why Add IPV to Regular eKYC?

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.

Following are the Rules Set by SEBI for IPV

  • It is mandatory for each SEBI-registered intermediary to conduct video IPV of its clients
  • The intermediary is responsible for collecting and maintaining records of the customer details on the KYC form, including name, signature, designation and company
  • Once a KRA (KYC Registration Agency) record has been updated, all other SEBI- registered intermediaries can access the details. This eliminates the duplication of data and also the need to conduct multiple verifications.

You can also watch the video guidelines for In Personal Verification process - Demo Video of In Person Verification for Mutual Fund KYC

How to Get Your IPV Done

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.

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Rated 4.8, based on 6 reviews.

Ritika, posted on 3 Dec 18 4:14 AM

Nice Article. Explaining details about IPV and how its being used with KYC.

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