How-to IPV KYC in-person verification

How to complete in-person verification (IPV) for mutual fund KYC

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In-person verification (IPV) is the traditional offline KYC method for mutual funds. Under SEBI’s KYC framework, IPV is the original verification standard; Aadhaar OTP eKYC and video KYC are alternatives that satisfy the same regulatory requirement.

IPV is mandatory or preferable in specific scenarios where Aadhaar OTP cannot be completed or where the investor prefers in-person interaction.

Conflict-of-interest disclosure. This guide is published by WebNotes Editorial Team for informational purposes. WebNotes has no commercial relationship with any KRA, AMC, RTA, or service centre operator. No affiliate commission is earned from KYC services.

Step-by-step procedure

See the procedure infobox above.

When IPV is preferred or mandatory

  • Aadhaar not available: Investor doesn’t have Aadhaar (rare but legitimate, e.g., foreign-born OCI).
  • Aadhaar mobile not in possession: OTP delivery not possible.
  • Investment limit reset: Investor was on Aadhaar OTP KYC (Registered status, Rs 50,000 limit per AMC per FY) and now wants full Validated KYC.
  • Older investor: Personal preference for offline interaction.
  • Document corrections during onboarding: Officer can guide on form completion.

When IPV is supplemented

For some institutional / corporate / HUF / NRI / minor folios, IPV is followed by additional documentation (e.g., trust deeds, board resolutions). The IPV procedure remains the same; additional documents are submitted alongside.

KYC categories at KRA

StatusMethodLimit
RegisteredAadhaar OTP eKYCRs 50,000 per AMC per FY
ValidatedIPV / Video KYC (V-CIP)No limit

IPV produces Validated status, the strongest level.

Cost

CAMS, KFin, and AMC service centres do not charge for IPV. Some third-party distributors may charge a service fee; verify in advance.

See also

External references

References

  1. SEBI Master Circular for KYC dated 12 October 2023 (SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2023/171).
  2. SEBI (KYC Registration Agency) Regulations, 2011.
  3. AMFI Best Practice Guidelines on IPV.
  4. CAMS / KFin operational manuals for KYC processing.

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The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

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WebNotes is independent. No relationship with any broker, registrar or bank named in this article.