(Bloomberg) -- 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.

Sebi is keen to eliminate many of its information requirements — such as disclosure of investor group and beneficial ownership — as these serve to regulate equity and corporate debt investors. Information required by the RBI and revenue departments would remain unchanged.

By easing red tape, Sebi hopes to usher in global funds that had been using offshore derivatives as proxy exposure to Indian sovereign debt, the person said. Oversight, on limiting investments to sovereign bonds, will be maintained through the Indian depositories. Investor concerns around taxation and other processes will remain but less red tape may help India seem more welcoming.

The two regulators first discussed easing rules in May and conversations are on-going. A timeline is uncertain because changing the registration form needs a notification from the federal government, the person said.

Representatives for Sebi and RBI didn’t respond to an email and calls seeking comment.

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