Poor Planing: Stock Market Holiday on January 15 Nithin Kamath Criticises Closure for BMC Elections

Mumbai: India’s stock markets remained closed on Thursday, January 15, as trading on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) was fully halted due to municipal elections in Maharashtra. The decision drew sharp criticism from Zerodha founder and CEO Nithin Kamath, who questioned the rationale behind suspending market operations for a local election day.

Nithin Kamath Voices Strong Objection

Kamath expressed his displeasure on X (formerly Twitter), stating that shutting down the markets for local-level elections sends a negative signal to the global investment community. He said Indian stock exchanges are now closely linked with international financial systems, and closing them for municipal polls reflects “poor planning.”

Indian stock exchanges are closed today for Mumbai's municipal elections.

The fact that our exchanges, which have international linkages, are shut down for a local municipal election shows poor planning and a serious lack of appreciation for second-order effects.

As Munger…

— Nithin Kamath (@Nithin0dha) January 15, 2026

According to him, such closures prompt global investors to question how committed India is to developing into a stable and mature financial market. Kamath noted that Indian exchanges cater not only to domestic participants but also to global funds, products, and systems that depend on seamless market access. Halting trading for local reasons, he said, disrupts international fund flows and related financial instruments.

He also highlighted that major global markets do not shut operations for local elections or partial holidays, as doing so can affect global trading mechanisms.

Quote Highlights Underlying Concerns

Kamath cited a well-known line by legendary investor Charlie Munger:
“Show me the incentive, and I will show you the outcome.”

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He said the continuation of such market holidays reflects the absence of individuals in positions of responsibility stepping forward to challenge or change the practice.

Market Segments Affected

On January 15, the following market segments were closed:

• Equity
• Equity derivatives
• Securities Lending and Borrowing (SLB)
• Currency and interest rate derivatives

In the commodity segment, the morning session was shut, while the evening session remained open.