The plain answer
In-person verification (IPV) is the physical KYC check: an authorised official of the intermediary meets you, compares your documents against you in person, and records the outcome. It was the default before video KYC, and today it remains for the cases the online route does not cover, such as many NRI applications and most entity accounts.
A resident individual opening a standard account will almost never encounter IPV. SEBI's April 2022 circular removed the IPV requirement when KYC is completed through Aadhaar authentication or with documents verified online through DigiLocker, which is how every paperless account-opening flow works. The 15 minute online flow you complete from your phone is the proof of that rule in action.
This page explains what IPV actually is, who performs it, which rules created and then narrowed it, the exact cases where it still applies, and what to do if your application is one of them.
What IPV is
IPV is the step in KYC where a live person confirms, face to face, that the person named in the documents is the person standing in front of them. KYC rules require verification for every applicant. The only question is which method applies: a video call, a physical meeting, or no meeting at all because the records were verified against a government database.
The check itself is narrow. IPV verifies identity and document validity. It does not assess income, employment, creditworthiness, or investment plans, and it never will. An official who starts asking financial questions is doing something the process does not include.
- Documents in hand. PAN, Aadhaar, address proof and the signed KYC form, compared against you by the verifying official.
- A recorded outcome. The official signs the verification record with date and time, and that record attaches to your KYC file the same way a video recording does.
- A regulatory requirement, not a service. IPV exists because the KYC rules require verification for every applicant. Nobody chooses IPV to get a better account; it is the method assigned to a particular applicant type.
Who performs it
The verifying official works for the intermediary, not for SEBI or the depositories. SEBI sets the rules; the intermediary performs the check, and the intermediary remains responsible for the KYC outcome no matter who physically conducted it.
- Authorised and trained. SEBI's April 2020 circular requires the official conducting verification to be authorised by the intermediary and specifically trained for the task.
- Employees or empanelled agents. The intermediary can use its own staff or agents it has appointed for the purpose. The authorisation, not the employment contract, is what matters.
- One check, one file. The verification record attaches to the same KYC file a video call produces. The depository and the KRA see one verified record, not two different standards.
The rules behind IPV
Two SEBI circulars define the modern shape of IPV. The first created the video alternative; the second removed the need for a meeting in the most common digital flows.
On 24 April 2020, SEBI issued circular SEBI/HO/MIRSD/DOP/CIR/P/2020/73, "Clarification on KYC process and use of technology for KYC". It permitted in-person verification to be conducted through video, by an authorised official of the intermediary who is trained for the purpose. The circular set the operating standards that still apply: the call must be live, the investor must be clearly visible, the official must ask random questions and see the officially valid documents on camera, the photograph obtained through Aadhaar authentication must match the face on the call, and the recording must be stored in a safe, tamper-proof, retrievable form with date and time stamping. Activity logs and the credentials of the official performing the verification must be retained.
On 6 April 2022, SEBI issued circular SEBI/HO/MIRSD/DoP/P/CIR/2022/46, which narrowed the meeting requirement itself. The circular provides that IPV, physical or video, is not required when the client's KYC is completed through Aadhaar authentication or verification with UIDAI, and not required when the KYC form is submitted online with documents provided through DigiLocker or any other source that can be verified online. That is the rule that lets a resident individual open an account in about 15 minutes without meeting anyone.
The two circulars together explain the modern landscape: verification is still mandatory, but a meeting is only one of three ways to satisfy it. Database verification comes first, video verification second, and physical IPV remains as the route for everything else.
When IPV is still needed
| Applicant type | Typical verification | Why |
|---|---|---|
| Resident individual, standard account | None beyond Aadhaar and DigiLocker checks | The 2022 circular removes the meeting requirement in this flow |
| Resident individual, offline or exception application | IPV or video per the intermediary | The flow falls outside the online-verified route |
| NRI, depending on jurisdiction | IPV or video per the intermediary | Cross-border checks vary by country and current rules assume physical presence |
| Company, partnership, LLP, trust | IPV of authorised signatories | Entity verification is document-heavy and signatories are checked in person |
| Minor account guardian | Video or IPV of the guardian | The guardian is the verified party, not the child |
What happens during IPV
- Schedule it. The intermediary tells you where and when. For entity accounts this is usually at the intermediary's office or with its authorised agent; for exception cases the official may visit you.
- Show the documents. The official compares PAN, Aadhaar, address proof and the KYC form against you, and checks that the photograph matches your face.
- Answer the identity questions. Name as per PAN, date of birth, and whether the documents belong to you. These are the same scripted checks a video call runs, asked in person.
- Sign, and watch it be recorded. You sign the form in front of the official. The official signs the verification record with date and time, and the record attaches to your KYC file.
- The application continues. The verification is one step, not the finish. The intermediary's checks, approval and activation follow, exactly as they do after a video call.
IPV vs video KYC
The two methods verify the same things: identity, document validity, name consistency and liveness. The difference is the medium and the evidence. Video KYC does it on a recorded call with the documents on camera; IPV does it with the official in the room. The regulatory weight is identical, which is why brokers moved resident-individual flows to video the day the rules allowed it.
| Aspect | IPV | Video KYC |
|---|---|---|
| Where it happens | In person, at the intermediary or your location | On a recorded call from anywhere |
| Who conducts it | Authorised official of the intermediary | Authorised official of the intermediary |
| Evidence kept | Signed record with date and time | Recorded call, stored with date and time |
| Documents checked | PAN, Aadhaar, address proof, form, signature | Same documents, shown on camera |
| When it applies | Entity accounts, NRIs in some jurisdictions, exception flows | The default for resident individuals |
How to prepare for one
- PAN and Aadhaar in hand. The two identity documents every KYC record is built on. The Aadhaar must be linked to your mobile number for the OTP steps elsewhere in the flow.
- Bank details. A cancelled cheque or bank statement in your own name, since the funding account is part of the KYC file.
- A signature that matches. Sign the way your PAN and bank records show, because mismatched signatures stall verification.
- Consistent names. Check that PAN, Aadhaar and the form spell your name identically. Name mismatches are the most common reason any verification step fails.
- Any entity documents. For company, partnership or trust accounts, the board resolution, partnership deed or trust deed travels with you, along with the KYC of every authorised signatory.
What is changing
The physical-route map is shifting again for NRIs. In August 2026, SEBI published a consultation paper proposing digital KYC for persons resident outside India, including NRIs, OCIs and eligible foreign nationals in FATF-compliant countries. The proposal would let these investors complete KYC from abroad, through video in-person verification, without travelling to India, and would make KYC portable across intermediaries when the records are validated against official databases. Comments were open until 4 September 2026.
The proposed safeguards show what regulators insist on before dropping a physical meeting: live capture of the client's location, which must match the country in the address proof; face liveness checks; measures to prevent spoofed IP connections; presence of an authorised representative; concurrent audits; and cybersecurity compliance. Nothing in the consultation is a final rule. Until SEBI acts on it, many NRI applications continue to need IPV or video verification in person.
The direction of travel is consistent: every change since 2020 has replaced the meeting with an evidence-based digital equivalent, while keeping the verification itself mandatory. IPV survives as the route for applicants whose documents cannot be verified online.
What people usually get wrong
IPV means my application is in trouble
It means your applicant type uses the physical route. The verification standard is the same as the video route.
I can skip verification entirely by choosing a different broker
The KYC rules bind every intermediary. If your case needs IPV, every compliant broker will ask for it.
IPV happens at a SEBI office
The verifying official works for the intermediary, not the regulator. SEBI sets the rules; the intermediary performs the check.
The official will ask about my income and investments
IPV verifies identity and documents only. Financial questions are not part of the check, whatever the medium.
Questions people ask
Almost certainly not. A resident individual completing KYC online with Aadhaar authentication or DigiLocker-verified documents meets the verification requirement without a physical meeting, which is what SEBI’s April 2022 circular permits. IPV appears for applicants outside that flow: some NRI cases, entity accounts, and offline or exception applications. If your flow asks for IPV, it means your applicant type uses the physical route, not that your application is in trouble.
An authorised official of the intermediary, trained for the task. The intermediary may use its own employees or its empanelled agents, and it stays responsible for the KYC outcome either way. The regulator sets the rules; it does not conduct the check.
The official compares your face against your documents in person: PAN, Aadhaar, the KYC form, and your signature. You answer a short set of questions about your identity, and the official records the outcome with date and time. The meeting itself takes a few minutes once the documents are ready.
Intermediaries do not charge a separate regulatory fee for the verification itself. An entity application may carry its own processing charges, which the intermediary discloses on its application page. If anyone asks for a payment purely for IPV, confirm the request with the intermediary before paying.
In most resident-individual flows the default is the online route, and IPV is not a selectable option. If you prefer an in-person route, ask the intermediary whether its process supports it for your account type. Where IPV is available, the outcome carries the same weight as video KYC.
Sources
- SEBI. “Circular SEBI/HO/MIRSD/DOP/CIR/P/2020/73 dated 24 April 2020, Clarification on KYC process and use of technology for KYC.” Accessed 16 August 2026.
- SEBI. “Circular SEBI/HO/MIRSD/DoP/P/CIR/2022/46 dated 6 April 2022, easing in-person verification requirements for online KYC.” Accessed 16 August 2026.
- Moneylife Digital Team. “Digital KYC for NRIs, OCIs from abroad as SEBI proposes one KYC across intermediaries.” Accessed 16 August 2026.
- Upstox, RKSV Securities India Pvt Ltd. “Open a free Demat account.” Accessed 16 August 2026.