1. IPV is a process where the financial intermediary (broker, mutual fund and distributor) verifies the client and his documents in person, as mandated by SEBI.
2. Every client has to go through the IPV before opening a trading and a demat account or before making any purchases, switches or systematic transaction in mutual funds.
3. Traditionally IPV was done physically where an employee of the intermediary would visit and verify but now it is done online via video conferencing.
4. The investor must produce the original of ID and residential proofs submitted electronically with the intermediary and answer questions regarding the documents
5. Once a KYC registration authority updates KYC and IPV records, all intermediaries can access them, eliminating the need for multiple verification and duplication of data.