India Plans to Cut Red Tape for Global Funds Buying Its Bonds

India’s capital markets regulator is working to reduce paperwork for foreign investors buying only sovereign debt, according to a person with knowledge of the matter, as the country debuts on international bond indexes.

The Securities and Exchange Board of India is discussing with the Reserve Bank of India to make the registration and maintenance process easier, the person said, asking not to be identified as the deliberations are private. The so-called common application form currently requires RBI know-your-customer checks to open a bank account, Sebi documentation to open a depository account, and enrollment with the tax department.