How is In Person Verification (IPV) conducted?
Opening a trading and DEMAT account at FYERS requires a one-time In-Person Verification (IPV) to ensure the authenticity of the applicant. This process helps verify the identity of the person applying for the account, as mandated by SEBI.
What is IPV and why is it required?
IPV, or In-Person Verification, is a regulatory requirement by SEBI that mandates brokers to physically or virtually verify the identity of new clients before activating their trading and DEMAT accounts. It ensures that the person submitting documents is indeed the person applying for the account.
How does the IPV process work at FYERS?
At FYERS, the IPV process is done digitally through a live video call, typically via Skype. Here’s how it works:
Step-by-step process:
- Schedule a time: After you submit your account opening form, you’ll be asked to confirm a suitable time for IPV via Skype.
- Prepare your documents: Keep your original PAN card, Aadhaar, and any other KYC documents ready.
- Ensure connectivity: Make sure you have a stable internet connection and a device with a webcam.
- Join the call: At the scheduled time, an FYERS executive will initiate the Skype call.
- Live verification: The executive may ask you to show your documents and verify your details by asking a few questions.
- Completion: If all details match and there are no discrepancies, your IPV will be marked as completed.
What if there’s a mismatch or issue during IPV?
| Scenario | What Happens |
|---|
| Document mismatch | Your application may be paused or rejected until clarification is provided. |
| Poor internet connection | The call may be rescheduled to ensure a proper video session. |
| Incorrect information provided | The executive may cancel your application if the data is contradictory. |
Make sure your documents are clearly visible on camera and match exactly with the information submitted in your application.
As per SEBI guidelines, IPV is mandatory and must be completed before your account can be activated, even if your documents have already been submitted online.
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