According to Office Order No. 08/2026 dated February 20, 2026, General Manager Achal Singh has been placed under suspension with immediate effect. The order cites Regulation 86(1)(a) of the SEBI (Employees’ Service) Regulations, 2001, under which disciplinary proceedings are contemplated.
The order restricts the suspended officer from entering SEBI premises without prior written approval from the Chief General Manager (HRD). During the suspension period, he will be entitled to subsistence allowance as per service rules.
SEBI has not issued any detailed public statement beyond the formal order. The communication has reportedly been circulated internally among senior officials and relevant departments.
Link to SME IPO Investigation
The suspension is understood to be linked to an ongoing probe concerning an SME IPO involving C2C Advances Systems. The company had earlier attracted regulatory attention within SEBI’s Corporate Finance Department (CFD).
Sources indicate that the vigilance matter relates to alleged interference in an internal investigation. However, SEBI has not publicly confirmed specific allegations, and disciplinary proceedings are currently at a preliminary stage.
The development comes at a time when regulatory oversight of SME IPOs has been under heightened scrutiny. SEBI has previously issued advisories and tightened compliance norms in this segment to protect retail investors.
Regulatory Oversight and Governance Focus
India’s capital markets regulator has consistently emphasized governance standards and transparency.
The SME IPO space has witnessed rapid growth in recent years, prompting calls for stricter due diligence and compliance checks. Industry observers note that maintaining internal integrity within regulatory institutions is critical to sustaining investor confidence.
While the present case is limited to disciplinary proceedings against an individual officer, it has drawn attention within financial circles. Market participants are closely watching further developments.
No Public Comment Yet
SEBI’s top management has so far refrained from detailed public comment beyond the issuance of the suspension order. The matter remains under internal review.
As per procedure, the outcome of disciplinary proceedings will depend on the findings of the vigilance inquiry. Until then, the suspension is an interim administrative measure.