In-Person Verification, or IPV, is the process of re-validating the KYC info you submitted. This can be done either by physically visiting the broker’s office or can be done online.
Nowadays, cyber fraud and hacking activities have become so prevalent that it has become very easy to produce duplicate documents and, hence, bogus bank or other accounts. In order to verify the original user, SEBI has started In-Personal Verification during demat account opening.
Today we will see in detail what IPV is and why it is required.
What is In-Person Verification (IPV) in Demat Account opening and why is it required?
In-Person Verification, or IPV, is the process followed during the demat account opening in which the person has to verify the KYC documents in person. The IPV can be done either by visiting the broker’s office physically or it can be done online.
Nowadays, IPV is frequently conducted online to make the account opening process simpler. The online IPV is done via video conferencing at a pre-agreed time. Your KYC documents and a quick internet connection are prerequisites for this. You will be given instructions on how to hold your documents, or you may be questioned about your KYC documents. Your In-Person Verification could be rejected if there is any mismatch.
Why In-Person Verification is required?
In-Person Verification or IPV is mandatory as per the norms of the Securities and Exchange Board of India (SEBI). The IPV is required in order to verify the PAN card details by the Income Tax (IT) department database, Aadhaar details, and bank account information by making a test transaction of Rs 1 to the client’s bank account.
In-Person Verification (IPV) in Demat Account opening
IPV is a mandatory process as per the norms of the Securities and Exchange Board of India (SEBI). In order to successfully verify your documents, make sure to have a fast internet connection and all your KYC documents with you.