"The plan is to create an electronic environment through which all ACG members can share information, research, projects, laws and regulations," Hossein Fahimi , CSDI president said on the sidelines of the World Finance Corporation (WFC) annual meeting in Morocco on Wednesday.
As per the proposal, an Information Technology platform called "Moj" has been designed, Fahimi added.
ACG members are concerned that the outcome of their meetings would remain "intangible," and hence welcome the CSDI proposal, said the official, who doubles as vice chairman of ACG. He said lack of progress in finding a solution prevents the international organization from forming common markets, according to Financial Tribune.
The Korean chairman of the Asia-Pacific CSD Group, Lee Byungrhae, welcomed the CSDI proposal saying that implementing the "ambitious project" would help promote the development of the organization and its functions.
"The project could also be offered to the WFC if it succeeds so that all depositories can benefit," Byungrhae noted.
Meanwhile the representatives of securities depositories from Pakistan, India, China, Hong Kong, Sri Lanka, the Philippines and Bangladesh backed Iran's plan and announced their readiness to cooperate.
The Central Securities Depository of Iran joined the ACG in 2013. In the 22nd annual general meeting of the ACG in Sari Lanka last November, Iran was elected vice chairman of the group with a majority vote.
The Asia-Pacific Central Securities Depository Group (ACG) was formed in November 1997 as an informal international organization to help facilitate the exchange of information and promote assistance among member securities depositories and clearing organizations in the Asia Pacific region.
AGC with more than 30 members including China, South Korea, Australia, New Zealand, Japan, Indonesia, Malaysia, India, Bangladesh, Hong Kong, Kazakhstan, Maldives, Mongolia, Singapore, the Philippines, Sri Lanka, Taiwan, Thailand, Uzbekistan and Iran, is one of the credible regional syndicates.