Jan 24 (Reuters) - The Australian Securities and Investments Commission (ASIC) on Friday laid out its intention to make minor changes to the existing class order on the CHESS Depository Interests (CDI) and has sought feedback for its proposal.

The ASIC, the country's corporate regulator, said it has assessed the current class order of the CDIs and has deemed it appropriate to bring in a few minor changes aimed at improving clarity and not tweaking the operation of the relief.

"ASIC is proposing to remake the class order on largely the same terms, for a period of five years," it said in a statement.

A CDI is a financial instrument that allows non-Australian companies to list their shares on the Australian stock exchange $(ASX)$.

The CHESS (Clearing House Electronic Subregister System) software is used by the Australian bourse operator ASX ASX.AX to settle transactions.

"Changes include minor revisions to the definition of 'depository interests' and the wording of the Australian financial services (AFS) licence exemption," the ASIC said in its statement.

ASX had been looking to replace the aging all-in-one CHESS software using blockchain-based technology, but abandoned the overhaul in November 2022, six years after announcing it, citing concerns about the product's complexity and scalability.

Since then, the bourse operator has been at the receiving end of regulatory angst after the ASIC sued ASX alleging it misled the public about the progress of a troubled software upgrade.

(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Alan Barona)

((Rajasik.Mukherjee@thomsonreuters.com))