In a bid to bring in more money from abroad into the local corporate bond market and deepen its scope, capital market regulator SEBI will now allow foreign portfolio investors (FPIs) to access the debt segment directly, without having to go through brokers.
The Securities and Exchange Board of India (SEBI) will allow Category 1 (multilateral agencies, sovereign wealth funds) and Category II (banks, insurers, pension funds) FPIs to access the bond markets directly, besides allowing Category III (family offices, trusts) to access the bond markets through the electronic bidding platform.

Source - http://www.thehindubusinessline.com