An 18-month battle between Hindenburg Research and India’s Adani Group has taken a fresh turn with the U.S.-based short-seller alleging over the weekend that the chief of India’s market regulator has a conflict of interest in the matter.

The Securities and Exchange Board of India (SEBI) has been investigating the group after Hindenburg Research’s report in January last year set off an over $150 billion selloff in the conglomerate’s stocks despite the company’s denials of wrongdoing. The stocks have since recovered partially.

On August 10, 2024, Hindenburg Research published fresh allegations against the market regulator’s chairperson Madhabi Puri Buch, and her husband Dhaval Buch of investing in an offshore fund linked with Adani. In its report, Hindenburg has expressed surprise at SEBI’s “lack of interest and not investigating” Adani’s alleged undisclosed web of Mauritius and offshore shell entities.

Here is a timeline of how the controversy unfolded over the last one-and-a-half years: