In a significant internal development, the Securities and Exchange Board of India (SEBI) has placed one of its General Managers, Achal Singh, under immediate suspension in what has been described as a “sensitive vigilance matter” involving the regulator’s Corporate Finance Department (CFD).
The suspension was formalised through Office Order No. 08/2026 dated February 20, 2026. The order states that Singh has been suspended under Regulation 86(1)(a) of the SEBI (Employees’ Service) Regulations, 2001, pending contemplated disciplinary proceedings.
Suspension With Immediate Effect
As per the official directive, Singh is barred from entering any SEBI office premises without prior written approval from the Chief General Manager, Human Resources Department (HRD). During the period of suspension, he will be entitled only to subsistence allowance in accordance with applicable service rules.
Singh had earlier joined SEBI on deputation from the Income Tax Department and was serving in a senior capacity within the Corporate Finance Department, which oversees critical functions including IPO approvals and disclosures.
Allegations Linked to SME IPO Matter
According to sources familiar with the developments, the vigilance action is linked to the SME IPO of C2C Advances Systems. The IPO had previously drawn regulatory scrutiny and is understood to have been the subject of internal examination within SEBI.
It is alleged that Singh interfered in an ongoing departmental review concerning the company and may have misused his official position in relation to the matter. While the exact contours of the allegations remain under wraps, disciplinary proceedings are expected to determine whether there was any misconduct or abuse of authority.
The matter is said to have triggered heightened internal vigilance, especially given the sensitivity of IPO approvals and regulatory oversight in the SME segment, which has recently been under increased scrutiny for governance and disclosure concerns.
Internal Circulation, Public Silence
The suspension order was circulated internally to SEBI’s Chairman’s office, Whole-Time Members, Chief Vigilance Officer, and other senior officials, as well as staff members via email. However, the regulator has not issued any public statement beyond the contents of the office order.
SEBI’s silence comes at a time when it has been actively cautioning market participants about compliance standards and governance norms, particularly in the SME IPO ecosystem.
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