SEBI Suspends Top General Manager Achal Singh In 'Sensitive Vigilance Matter'

SEBI Suspends General Manager in High-Profile Case

A shocking late-night move by the Securities and Exchange Board of India (SEBI) has left the market watchdog reeling. According to a report by Business World, General Manager Achal Singh has been immediately suspended in a "sensitive vigilance matter" that has exposed internal issues within SEBI's Corporate Finance Department (CFD).

Key Details of the Suspension

• Order Number: Office Order No. 08/2026 dated February 20, 2026
• Reason for Suspension: Contemplated disciplinary proceedings under Regulation 86(1)(a) of the Securities and Exchange Board of India (Employees' Service) Regulations, 2001
• Restrictions: Prohibited from entering SEBI office premises without prior written approval from the Chief General Manager, HRD
• Pay During Suspension: Entitled to receive only a subsistence allowance

The Accusations

General Manager Achal Singh is accused of directly interfering in an ongoing investigation by the Corporate Finance Department (CFD) into C2C Advances Systems, a controversial SME IPO. He is also accused of misusing his official position to allegedly extort money from the company.

Background

General Manager Singh had earlier moved to SEBI from the Income Tax Department. The case has been surrounded by controversy, with even a former full-time member of the Securities and Exchange Board of India reportedly attempting to halt the C2C Advances Systems IPO, but to no avail.

SEBI's Response

SEBI's top leadership has remained tight-lipped on the dramatic suspension, leaving many questions unanswered about the internal issues plaguing the market watchdog.