‘In-person’ verification (IPV) of clients by subsidiaries of stock exchanges, acting as stock brokers

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..... DPS-III/130466/2008 dated July 02, 2008 (addressed to the stock exchanges), mandated the stock brokers to carry out 'in-person' verification of their clients by their staff while registering them and also ensure that this function is not outsourced. 2) Subsequently, SEBI vide circular No. SEBI/MIRSD/Cir. No. 02/2010 dated January 18, 2010 clarified that the 'in person' verification done for openi .....

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..... by their sub-brokers (who are also registered with SEBI as stock brokers of the parent stock exchange) for their respective clients. However, the ultimate responsibility for 'in-person' verification would remain with the subsidiaries and they shall obtain the necessary IPV documents for their records. 5) The stock exchanges are advised to: a. bring the provisions of this circular to the notice .....

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