SEBI enabled about KRAs to bring uniformity now included IPV as part of KYC.

MF
houses came up with online processes. IPV is now done over video chat. Customer has
to sign in the doc and give declaration over the video chat.
The KYC process has gone through various changes in the past. Before 2012, CVL managed
KYC for all mutual fund houses. The Securities and Exchange Board of India (Sebi) enabled
uniformity for all intermediaries (brokers, mutual funds, etc) under its purview and centralised the
process by appointing KYC registration agencies (KRAs). One important differentiation was that
the KRAs also conduct in-person verification (IPV), which the CVL did not do earlier.
Due to the new KYC norms, many mutual fund houses are coming up with an online process,
which is simpler and saves time. Reliance Capital Asset Management and Quantum Mutual
Fundhave already launched e-KYC. Many others, including Motilal Oswal AMC, are in the
process of doing so. In this, the person does not need to visit the KRA centres. Investors can
just go to the fund houses website, fill in their details and download the required documents.
They can then fill the details, sign the documents, scan and upload them on the mutual funds
website.
For in-person verification, the fund house will schedule a video chat. The applicant has to sign in
the documents during the video chat with the fund house representative and also give a
declaration. Chetanwala of Quantum says that Sebi has allowed e-IPV in such situations
Aadhaar Bill 2016 legal status to Aadhaar
KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary
(broker, DP, Mutual Fund, etc), you need not undergo the same process again when you approach another intermediary.