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How is In-Person Verification (IPV) different from e-KYC?

e-KYC or electronic Know Your Customer is a process by which your identity is established electronically. Currently, Aadhar is permitted as a mechanism by which this can be done for mutual funds. Only SEBI-regulated KYC registration agencies (KRAs) such as CAMS, CVL and NDML are allowed to do e-KYC. These KYC registration agencies may have their own apps to do either an OTP-based or biometric-based verification. However, there is a Rs. 50,000 per mutual fund per financial year limit for OTP-based verifications. Given that limitation, we at Scripbox have decided to continue with paper-based KYC process along with a video IPV for now, until such time we can make the entire process electronic for you.

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