SEBI Suspends Senior General Manager amid Integrity Probe
Moneylife Digital Team 24 February 2026
The Securities and Exchange Board of India (SEBI) has taken the rare step of suspending one of its senior officers, general manager Achal Singh, as part of an ongoing internal disciplinary and vigilance probe. According to the official office order No. 08/2026 issued on 20 February 2026, Mr Singh was placed under immediate suspension under Regulation 86(1)(a) of the SEBI (Employees’ Service) Regulations, 2001, after disciplinary proceedings were contemplated against him in a 'sensitive vigilance matter'
 
Under the terms of the order, Mr Singh is barred from entering any SEBI office premises without written permission from SEBI’s chief general manager (CGM), human resources and will receive only a subsistence allowance during the suspension period. 
 
Media reports and sources point to the case being linked to alleged interference by Mr Singh in an internal investigation of issues related to the SME IPO of C2C Advances Systems, a company whose SME IPO has itself been under regulatory scrutiny and whose listing was previously postponed amid compliance concerns. According to these accounts:
 
SEBI investigators were reviewing aspects of C2C Advances Systems’ compliance, including post-offer monitoring and other regulatory requirements connected with its SME IPO. 
 
Mr Singh is reported to have interfered in the corporate finance department’s ongoing probe and, in some media accounts, is accused of misusing his official position in ways that could constitute extortion or undue influence—allegations that have not been formally published by the regulator. 
 
SEBI’s leadership has not publicly released specific allegations or charges pending formal disciplinary action.
 
At a public event at the National Institute of Securities Markets (NISM) in Patalganga, SEBI chairman Tuhin Kanta Pandey addressed the suspension and broader concerns about internal governance. Mr Pandey stressed that SEBI demands 'the highest standards of integrity' from its own officers just as it does from the entities it regulates. He said the available evidence was “egregious enough” to require swift action and emphasised that SEBI will 'get to the bottom of it.' 
 
Mr Pandey also highlighted that SEBI’s internal procedures include due process and natural justice, ensuring that charges are framed properly and the officer is given the right to respond. He reiterated that the vast majority of SEBI officials uphold high ethical standards while underscoring the regulator’s commitment to thoroughly investigate the matter. 
 
The suspension marks an unusual and high-profile internal action for India’s primary markets regulator, coming at a time when SEBI has been tightening norms for SME IPOs and increasing scrutiny of compliance matters in the segment.
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