NASDAQ Says ‘Yes’ Again: Sify’s Governance Game Changer

Sify Technologies Ltd. (NASDAQ: SIFY), India's leading integrated information communications technology (ICT) solutions provider, has officially attained full compliance with NASDAQ listing regulations, ensuring its continued listing on NASDAQ Capital Market.

 

The company had received a notification letter from the NASDAQ Listing Qualifications Department on July 8, 2025, stating that Sify is again fully compliant with all board and audit committee independence requirements. This is a rapid recovery after a short-term non-compliance due to a senior board resignation.

 

Key Highlights
Compliance Restored: Sify restored compliance with NASDAQ Listing Rules 5605(b)(1) and 5605(c)(2), which mandate a majority of independent directors on the board and a minimum of three independent directors on the audit committee.

 

What Was the Cause of the Problem: The firm went out of compliance on May 21, 2025, when Dr. Ajay Kumar resigned from being a member of the Board of Directors, which resulted in the board and audit committee having fewer than the required independent members.

 

Rapid Response: On June 20, 2025, Sify appointed Dr. Ram Sewak Sharma as an independent director and member of the audit committee. The appointment was made in a Form 6-K filing with the U.S. SEC on June 24, 2025.

 

NASDAQ Confirmation: NASDAQ on July 8, 2025, confirmed that the corrective measures by Sify met all the listing conditions, thus formally closing the compliance issue.

 

Sustained Trading: Sify continues to be a listed company on the NASDAQ Capital Market under the stock ticker symbol "SIFY," reaffirming its adherence to international corporate governance principles.

 

Corporate Governance Award: Sify has received the Golden Peacock award for Corporate Governance for several years, indicating its adherence to best practices.

 

This bold board action not only restores investor faith but also places Sify on the path of further innovation and growth in the digital economy.

 

Source: GlobeNewswire, StockTitan, MarketScreener