Allegations of a poisonous work culture, financial misbehavior, and conflict defined Madhabi Puri Buch’s stint as SEBI Chairperson (March 2022–February 2025). Mass resignations and demonstrations followed from employees accused of verbal abuse, unrealistic work expectations, and reprisals. Allegations of conflicts of interest—especially with the Adani Group—particularly tarnished her name. Her term ended without the customary farewell, further underscoring her unpopularity. Her leadership became notorious for internal strife and strife despite first pledges of reform. Leaving behind a severely split institution, Buch’s legacy remains among the most divisive in SEBI’s history.