Washington D.C./IBNS: US-based short seller Hindenburg Research that had targeted the Indian multinational conglomerate Adani Group and SEBI chairperson, will be disbanded, announced the founder Nate Anderson, media reports said.

"I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on," said Anderson as quoted by NDTV.

The announcement comes days before US president-elect Donald Trump will take over the presidency from Joe Biden.

In January 2023, Hindenburg Research made serious accusations against billionaire Gautam Adani's extensive ports-to-power conglomerate, alleging stock market manipulation and financial misconduct.

However, Gautam Adani has repeatedly and categorically denied all allegations made by the short-selling firm.

In August 2024, the Hindenburg Research claimed that whistleblower documents reveal Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch had an interest in the obscure offshore entities implicated in the "Adani money siphoning scandal."

"We had previously noted Adani’s total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with Sebi Chairperson, Madhabi Buch," the Hindenburg report claimed.

"What we hadn’t realized: the current Sebi Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," it alleged.

"Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5th, 2015 in Singapore, per whistleblower documents. A declaration of funds, signed by a principal at IIFL states that the source of the investment is 'salary' and the couple's net worth is estimated at $10 million," the report stated further.

Both the Adani and SEBI chairperson issues were weaponised by the Opposition to corner the Modi government at the Centre.