It is mandatory for all DPs to carry out ‘in-person’ verification (IPV) of their Clients. At the time of opening demat accounts, the DP should establish the identity of the applicant(s) (including guardian in case of minor account) by verifying the photograph(s) affixed in the KYC Application Form as well as proof of identity document(s), with the person concerned. Further, in case of joint accounts, IPV needs to be carried out for all the holders of the account. DP may use ‘webcamera’ for carrying out IPV for opening of depository accounts subject to compliance with other SEBI guidelines/circulars relating to opening of depository accounts including verification of documents. Upon the applicant(s) submitting the KYC Application Form and the account opening form, proof of identity & address documents and PAN details, the DP should follow the procedure as given below:

• Verify the identity of the applicant(s) as clarified above.
•  After due verification, the DP shall ensure that the following details are recorded on the KYC Application Form at the time of IPV:
  1.   name of the person doing IPV,
  2.  his designation,
  3.   organisation
  4.   his signature and
  5.   date
•  After due verification, the DP shall ensure that the following details are recorded on the KYC Application Form at the time of IPV:
•  Manner of recording IPV details on KYC Application Form: DP may either affix a stamp or print the IPV details or write the same on the KYC Application Form. If IPV is done through web camera, then mention “IPV through webcam” as well.
•  Place where IPV details are to be recorded on the KYC Application Form: DPs may record the same at any appropriate place on the KYC Application Form as may be deemed fit by the DP without making illegible the other details mentioned in the KYC Application Form. 58 For non-individuals such as unregistered trust, etc. where the KYC Application Form for non-individuals is filled up and the depository account would be opened in the name of the individual (such as trustee, etc.), the IPV details may, if DPs find it appropriate, be recorded at the Annexure to KYC Application Form where the details of the karta, trustee, etc. are mentioned.
•  Attachment of separate sheet to the KYC Application Form or affixing stickers on the KYC Application Form for recording of IPV details will not be permitted. The IPV carried out by one SEBI registered intermediary can be relied upon by another intermediary. In case of stock brokers, their sub-brokers or Authorised Persons (appointed by the stock brokers after getting approval from the concerned Stock Exchanges in terms of SEBI Circular No. MIRSD/DR-1/Cir-16/09 dated November 06, 2009) can perform the IPV. In case of Mutual Funds, their Asset Management Companies (AMCs) and the distributors who comply with the certification process of National Institute of Securities Market (NISM) or Association of Mutual Funds (AMFI) and have undergone the process of ‘Know Your Distributor (KYD)’, can perform the IPV. However, in case of applications received by the mutual funds directly from the clients (i.e. not through any distributor), they may also rely upon the IPV performed by the scheduled commercial banks. In the case of NRIs/foreign nationals, considering the infeasibility of carrying out IPV, in such a situation photocopies of the KYC documents should be attested by any of the entities viz., Notary Public, any Court, Magistrate, Judge, Local Banker, Indian Embassy/ Consulate General of the country where NRI/FN is residing [outside India] to the effect that it has been verified with the originals. DP must use separate KYC Application Form to collect information for each holder for joint accounts (i.e. for first holder, second holder and third holder) as well as for guardian in case the sole holder is a minor.