Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (SEBI), faces a barrage of allegations regarding conflicts of interest, particularly related to her ties to the Adani Group and consultancy income from Mahindra and Mahindra, as claimed by the Congress party. The accusations intensified following a report by Hindenburg Research, which suggested that Buch and her husband were linked to offshore funds associated with the Adani Group, raising concerns about SEBI's impartiality in its investigations. In addition to external pressures, nearly 500 SEBI employees protested against alleged toxic work culture and leadership failures, further complicating Buch's position as her term nears conclusion in March 2025. Top fund managers have expressed that these allegations threaten SEBI’s credibility, especially amid a booming equity market. The Mahindra and Mahindra Group has categorically denied the Congress's claims, asserting its commitment to corporate governance, while Buch has labeled the accusations as baseless and a smear campaign. As scrutiny intensifies, further developments from SEBI are anticipated, alongside potential political repercussions for the Modi administration.