Dear Mr. Sanket Sharma:
I am not a Lawyer. But, since my family is also going through 498A Case, I'm replying as per my possibly correct knowledge.
In 498A Cases Panchnama is done by Inspector-in-Charge of your Local Police Station. The Inspector may also get along with him a Constable, Lady Constable & the Complainant (who has filed 498A against you or your family members).
Panchnama is about verifying that whether the Belongings / Stridhan of the Complainant is in your house or not. They record everything (whatever the complainant claims to be hers) in Panchnama and would present the panchnama & chargesheet in Majistrate's Court.
Well Wisher.