In a dramatic late-night crackdown, market regulator SEBI has slapped immediate suspension on one of its own General Managers — in a “sensitive vigilance matter” that has exposed deep rot inside the watchdog’s Corporate Finance Department (CFD).
According to an official Office Order No. 08/2026 issued on February 20, 2026, the GM Achal Singh has been placed under suspension with immediate effect under Regulation 86(1)(a) of the SEBI (Employees’ Service) Regulations, 2001, as disciplinary proceedings are now contemplated against him. Singh had crossed over from the income tax department to SEBI.
The order explicitly bars the suspended GM from entering any SEBI office premises without prior written permission from the Chief General Manager, HRD. He will draw only subsistence allowance during the suspension period.
Sources reveal the explosive trigger
The case centres on C2C Advances Systems — the controversial SME IPO that even a former full-time SEBI member had desperately tried (and failed) to stop. Singh is accused of directly interfering in an ongoing CFD department investigation into the company and misusing his official position to allegedly extort money from it.
This is the latest in a string of damning CFD-related scams that have repeatedly rocked SEBI in the past — raising serious questions about how deep the malaise runs inside the regulator’s key market wing.
Over the past many years, there has been a toxic “private-sector personal wealth maximisation” bug deep inside the minds of India's regulatory and tax officials — turning public servants into profit-driven operators. Armed with god-like, unbelievable powers and zero checks, zero reviews, or independent oversight, these insiders are allegedly free to arbitrarily stop probes, collect money, and then magically clear the exact same issues for companies, brokers and intermediaries — without the slightest change in facts or circumstances — transforming regulation into a shameless, unchecked personal enrichment machine.
SEBI’s top management has so far maintained complete silence on the sensational suspension, even as the order was circulated to the Chairman’s office, all Whole-Time Members, Chief Vigilance Officer, and every staff member via email.
The development comes as a massive embarrassment for the country’s premier securities regulator, just days after repeated warnings about governance standards in the SME IPO space. SEBI has not yet comment in public beyond the office order. Stay tuned — this story is developing. |
