Zerodha IPV Process And Meaning
IPV is an acronym of In Person Verification. It is a process in which a Depository Participant (DP) verifies the documents and other details of the customer as per the law introduced by SEBI. It is compulsory for every investor to go through the IPV process before they wish to open a trading or demat account with the broker.
It is compulsory for all the investors to get their IPV done in order to open a trading or demat account. This procedure makes it easier for the brokers to verify the person holding in their trading and demat account. The account holder or the investor is required to submit certain documents in order to prove their identity by providing the documents that are issued by the government such as Identity card, Address proof, etc. to establish their identity.
Procedure of IPV:
Traditionally, IPV was done physically where a broker employee physically visits the customer’s address and then verify all the documents before they get their account opened. But in today’s digital generation, IPV has also become digital and therefore, IPV can be done today through web cam by using the latest technology.
Mostly, the IPV process is done by recording a short video.
• In this process, one needs to record themselves by holding their original documents and then the video showing the Aadhar Card.
• One must make sure that the PAN Card and the Address Proof are hold properly for 10 seconds to catch the subtilities.
• One must also express that the report is unique and it belongs to you.
Remember, if an individual does not have an Aadhar card then can user other similar documents to carry the IPV process. The IPV procedure differ from broker to broker.
How to do IPV in Zerodha?
The Zerodha customers can choose to go through a physical or an online IPV. In case they choose to do IPV through Webcam then an OTP will be generated and will be shown on the screen. The customer then will be able to begin their own webcam on the real-time basis and then take the video of the OTP.
If the IPV is to be done in real-time then the customer has to show the OTP either from the mobile or on the written piece of paper, in order to make it visible on the webcam. The webcam will further take the series of the photos from the videos in order to capture the OTP as shown by the clients correctly for their needs.
Note: One must make sure that the camera needs to allow the access in the browser to capture the images for the IPV procedure.
Rules set by SEBI for IPV
1. It is mandatory for each Intermediary or Broker to conduct the IPV for their clients.
2. The broker is meant responsible for collecting and maintaining the records of all the important details on the KYC form that includes name, designation, company and signature.
3. All other brokers have to count on the IPV done by them and that are approved by SEBI.
4. Once the KRA has been updated, then all the other intermediaries can access to its details. It diminishes the need of conducting multiple verification process and the duplication of data.