<article>Nasdaq-listed digital content and e-commerce marketplace Rediff.com India Ltd said on Wednesday it applied to the US Securities and Exchange Commission (SEC) to delist from the stock exchange.</article>

Nasdaq-listed digital content and e-commerce marketplace Rediff.com India Ltd said on Wednesday it applied to the US Securities and Exchange Commission (SEC) to delist from the stock exchange.
“On 3 February 2016, the company received notice from Nasdaq that it has failed to satisfy the minimum bid price requirement of $1.00 per share continued listing standard,” Rediff said in a communication to Nasdaq.
“The company believes that it may be difficult and expensive to try to regain compliance with the Nasdaq continued listing requirements, and therefore has determined to voluntarily delist from Nasdaq,” it added in the communication, which was released to the media.
Rediff said it does not intend to arrange for a listing, registration or quotation on another national securities exchange or quotation medium at present.
“The decision by Rediff’s Board of Directors to deregister and leave the Nasdaq Capital Market was made after careful consideration of the advantages and disadvantages of being a SEC reporting company including the high costs and demands on management’s time arising from compliance with the many SEC and Sarbanes-Oxley requirements&#8230; we are constantly looking for ways to reduce costs and increase shareholder value as we continue to focus our efforts on growing the core business&#8230;” said Rediff chief executive officer Ajit Balakrishnan in a statement.
The Sarbanes-Oxley Act, 2002, mandated strict reforms to improve financial disclosures by firms to prevent fraud.
Rediff started in 1996, and rediff.com was the first domain name to be registered in India. Its portal now offers an e-commerce marketplace, entertainment and news content and rediffmail, an e-mail service.
“Over a period of time Rediff’s market cap has shrunk quite a bit. It is pretty expensive if you’re not a large company to be listed in the US,” said Harish H.V., partner, Grant Thornton India LLP.
This article was published on <a href="http://www.livemint.com">Livemint.com</a>

Nasdaq-listed  Rediff.com India Ltd said on Wednesday it applied to the US Securities and Exchange Commission (SEC) to delist from the stock exchange.

India: Rediff.com delists its shares on Nasdaq

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